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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

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The perks and price of going private

By Grace Ormsby

February 14 2020
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Invest

The perks and price of going private

By Grace Ormsby
February 14 2020

The increased cost of health premiums coming into effect from 1 April has already prompted four in 10 privately insured Australians to reassess the value they are getting from their cover as new research revealed Australians’ use of their insurance inclusions.

The perks and price of going private

By Grace Ormsby

February 14 2020
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Research from insurance comparison service comparethemarket has indicated that 43 per cent of privately insured Australians will compare their options this year, potentially switching to a different policy when premiums are hiked, despite this year’s rate rise being the smallest in 19 years.

It also showed that a number of Australians aren’t getting the full value out of the health insurance.

Four in 10 (43 per cent) of respondents made just one or two claims to their health insurer in 2019, while 39 per cent made five to 10 claims.

Only 11 per cent made between 10 and 15 claims.

When asked what they found most valuable from their health insurance, almost one-third (29 per cent) nominated extras such as chiro, physio, remedial massage and podiatry.

A further 26 per cent nominated unexpected health issues such as in-hospital treatment for an accident or injury and cancer treatment as being the most valuable.

In terms of what was actually used, two-thirds (64 per cent) of privately insured individuals said they, or their families, had used dental services such as major dental, orthodontic and endodontic.

Just over half (56 per cent) also used their “extras” coverage to claim on optical services, which also took the crown as the highest-claimed health service among older age cohorts.

Commenting on the findings, comparethemarket’s health expert Anthony Fleming said “it’s crucial consumers don’t get complacent and remain health- and money-wise in 2020”.

“Health cover can be very valuable when treatment is not covered by Medicare outside of the hospital or patients opt to be treated in a private hospital.”

He outlined how “many of these medical treatment bills would otherwise be very expensive without private health cover, and this is when it becomes most valuable to consumers”.

Highlighting how this year’s increase in health insurance premiums is prompting “a significant proportion of policyholders to seriously consider the importance of their health cover”, Mr Fleming said it’s interesting to see the number of consumers who will shop around in 2020.

“We recommend that those who are considering taking out private health insurance or switching to a new policy do so before 1 April when the rate rise takes effect, to enable them to prepay their years’ worth of premiums in advance and lock in their health policy cost for the next year,” the health expert advised.

Mr Fleming also recommended that Australians regularly review their cover “to make sure it’s still relevant to their needs and circumstances, as well as their back pocket”.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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