Kiddipedia
Swimming lessons, sunscreen, hydration, healthy snacks…staying on top of my family’s needs seems more aspirational than realistic. I know many working parents who feel the same.
Not sure if I’m an expert, but I am a mum, and as time-poor as any other parent. The best way to sort out their health needs – and keep them within my ever-tightening budget – is to keep it simple. So from me to you, here they are: my top tips for saving on your family’s health cover:
Can you see yourself using all the items on your cover in the next twelve months?
If not, make sure you’re not paying for them.
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Mind Those Gaps:
As a single mum, I found out pretty quickly that out of pocket costs can creep up on you. Once I started paying attention, I realised I was paying out more than I used to when kiddo was younger. I got some help to shop around for a fund with a known gap scheme, saving me a few hundred dollars a year.
Many funds run a no gap or known gap scheme for common hospital surgeries.
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Member Clinics: your fund’s agreements with healthcare providers
I joined a fund that worked with providers in my local area. This means I pay nothing for dental and optical consults, as long as I stay below my fund cap. With a dyslexic kid, and my own optical needs, this saves me a bundle.
A cheaper premium doesn’t mean much if I’m constantly forking over extra dollars because my nearest healthcare provider isn’t covered by my health fund.
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Are you rewarded for taking care of your health?
Some health funds actively reward us for taking good care of our health. My fund offers: To get the most out of your health cover, look into how it helps keep you – and your family – healthy, as well as what happens when you’re not. Some funds offer:
- Free flu vaccinations.
- Rebates for alternative therapies.
- Gym membership discounts or rebates – these include swimming lessons which kiddo absolutely loves, especially in summer (pair this with your ActiveKids voucher).
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Know Your Excess:
Adjusting my hospital cover excess upwards, was the first thing I did when living costs started to climb. My fund allows me to go up to $750. I considered how likely hospital visits might be for me and my kid over the next year or so. We’re generally pretty healthy, so it seemed worth increasing my excess so I could save a bit more on my premium each month.
Remember: Higher excess = Lower premium
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Payment Discounts:
Finally, when my health fund let me know my premium was going up this year, I considered paying for a year’s premium in advance of the 31 March cutoff date as a way to keep us protected, and insulate my budget at the same time.
Ultimately, I switched to a fund that suited me better and cost me less, but if you’re happy with everything about your cover except your increasing premium, this is something you can do as well. It won’t save you anything in the long term, but it will keep a lid on your health cover costs for the next 12 months.
So there you have it – my simple guide to saving on your family’s health cover. Not from any expert. Just from a mum.
Gillian Clive
Gillian Clive has worked in financial services for over two decades, including time at three of the big four banks, and as a finance broker. She has also worked as a product analyst for credit card and insurance services. In between creating content she writes books and promotes the message of financial literacy.
