Cheap Health Insurance

Looking for cheap health insurance? Need help choosing the right option? Check out how you can find the best value policy for your situation.

Cheap Health Insurance

Health insurance is integral to protecting your heath and finances and many people don’t realise there are cheap premiums available. With so many different types of health insurance policies available, there are affordable options out there which could be perfect for you. Find out how to compare cheap health insurance and get the best policy for you!

How do I get the cheapest health insurance?

Each customer is going to have a different budget and health needs to work with which will allow them to take out a certain type and level of policy. To help you get the best and cheapest health insurance cover for your situation, you can do the following:

  • Compare your options – you should research across a range of insurers to get an idea of what health insurance policies are out there.
  • Double check your coverage – you may find that you’re paying for inclusions you never use and can downgrade your cover to make it more affordable.
  • Pay your insurance premiums annually – if you choose to pay off your insurance annually, you’re likely to pay less in premiums. This is
  • Have a higher excess – if you opt for a higher excess, your health insurance premiums will be . Your excess is the amount you pay out of pocket when making an insurance claim, which comes out of the total sum insured under your policy. This means that a higher excess will reduce your sum insured, thus reducing your premiums. Lower excesses will, in turn, raise your premiums.
  • Research your restricted health fund options – a restricted health fund is designed to provide cover to workers of This cover can also apply to the worker’s partner or family and is usually cheaper but you’ll have to find out which funds you’re eligible for.
  • Pay off your health insurance prior to April 1 – health insurance prices rise on April 1 annually. If you pay before then, you’ll be able to lock in last year’s rates.

What factors impact how cheap a health insurance policy is?

When it comes to choosing the cheapest type of health insurance, it will largely depend on your individual situation. The cheapest health insurance policy will be determined by the following:

Type of insurance policy

An extras-only policy will tend to be the cheapest health insurance on offer but it neglects in-hospital treatments which are very important. Instead, a hospital-cover only policy can get you the treatments and services you need at a cheap price. Combined cover will offer you the most extensive coverage to benefit your health and wellbeing, but it is generally the most expensive.

Level of policy coverage

  • Basic – this is the cheapest policy offered under both hospital cover and extras cover. Basic hospital cover includes the benefit of treatment as a private patient in a public or private hospital while basic extras cover offers limited access to preventative treatments or services such as general dental.
  • Bronze (hospital cover) – bronze hospital cover consists of the same inclusions as a basic hospital cover policy plus brain or nervous system treatments, bone, joint and muscle treatments, reconstructions and more.
  • Bronze (hospital cover) – bronze hospital cover consists of the same inclusions as a basic hospital cover policy plus brain or nervous system treatments, bone, joint and muscle treatments, reconstructions and more.
  • Gold hospital cover or comprehensive extras cover – these two options are the most expensive but offer the best comprehensive cover. They will include cover for all available benefits as well as higher benefit limits which allow you to get more money back on claims made.
 

Your personal circumstances

Your own life situation will also determine whether you’re taking out a singles, couples, family or seniors health insurance policy. Singles health insurance will usually be the cheapest option available. However, if you’re a couple earning less than a combined $180,000 per year, a private health insurance rebate may result in couples health insurance being the cheapest option.

How do I compare cheap health insurance?

Title compare cheap health insurance
Consider the cost of premiums on offer

An obvious starting point when comparing cheap health insurance cover is looking at the prices of the policies on offer across an array of insurers. Bear in mind, the cheaper the premium, the more likely it is that it will offer more limited coverage. While you’re looking for a cheap premium you should try to find a good balance between cost and coverage.

Look at each policy’s health coverage

Look at the health coverage offered by each policy. The wider range of inclusions you have under your health cover, the better your chances are of being covered in the event of any injury or illness which requires certain treatment or service. Prioritise policies which have extensive cover for any pre-existing health conditions you have or are more at risk of developing.

Compare the financial coverage

Compare the financial coverage for each benefit and the cover in total. While a policy may consist of all the inclusions you want, it can also come with low benefit limits. Most cheap health insurance policies will come with low benefit limits to reduce the cover you can take out in the event of injury or illness.

Optional extras

Optional extras may be required as an additional purchase to your policy or they may already be included. Compare the range of optional extras as well as the costs of adding them to various policies.

Type of insurer

Compare your options with insurers both big and small. Each insurer has its own benefits, such as better deals with a larger insurer or more personalised service with a smaller provider.

How much is a cheap singles health insurance policy?

Singles health insurance at the most basic hospital-only cover level can cost as little as $70-$90 per month. However, a policy at this price won’t give you much coverage and by paying just a little bit extra each month you could see your range of benefits expand significantly.

The cost of your health insurance will be decided by the following factors:  

  • Type of health cover you choose – whether you choose a hospital cover, extras cover or combined cover will shape the price of your health insurance premium. A hospital-cover only or extras-cover only policy will be the cheapest while a combined cover policy will usually be the most expensive.
  • Level of hospital cover or extras cover – the level of cover you take out will also influence the cost of your health insurance premium. If you’re taking out a hospital cover policy, your choice of a basic, bronze, silver or gold-level policy will shape the price of your premium. If you’re taking out an extras cover policy, whether you choose a basic, medium or comprehensive cover option will also dictate the price of your health insurance premium.
  • Your excess and co-payment – the cost of your policy’s excess and co-payment will also factor into the cost of your health insurance premium. A high excess will give you a cheaper premium while a low excess will increase the cost of your health insurance. Similarly, whether you opt for a co-payment with your policy will shape your premium’s price. A policy with no co-payment or a low co-payment will cost you more while a policy with an expensive co-payment will lower your premium’s price.
  • Your excess and co-payment – the cost of your policy’s excess and co-payment will also factor into the cost of your health insurance premium. A high excess will give you a cheaper premium while a low excess will increase the cost of your health insurance. Similarly, whether you opt for a co-payment with your policy will shape your premium’s price. A policy with no co-payment or a low co-payment will cost you more while a policy with an expensive co-payment will lower your premium’s price.
  • Where you live – the price of treatments or services is different across Australian states and cities. Therefore, your premium’s price will also be impacted by these differing costs. Health insurance premiums for residents living in city locations – particularly Sydney and Melbourne – tend to be more expensive.

How to find cheap family health insurance

Looking to take out a cheap family health insurance policy? Find out how to go about it.

Pros and cons of Cheap Health Insurance

Unsure if you should choose a cheap health insurance policy? Here we consider the pros and cons to help your decision

PROS

Avoid paying Lifetime Health Cover (LHC) loading.

If you take out hospital cover before turning 31 years old, you will avoid having to pay 2% for every year after 31 that you don’t take out hospital cover. For instance, if you take out hospital cover for the first time at 40 years old, you will be paying 20% more annually.

Cheap health insurance is better for your financial situation.

Taking out cheap health insurance will allow you to save more money and focus on paying off other bills, debts or life expenses.

Peace of mind.

Although a cheap health insurance policy won’t provide the ultimate coverage for your health and finances, it will still give you peace of mind. If a medical event occurs, you know that you will still be covered for part or all of the required treatments and services.

CONS

Extensive list of excluded treatments.

The obvious cost of taking out a cheap health insurance policy is the lengthy list of exclusions. In addition, many of the benefits included under your policy will be subject to restrictions.

Opting for cheap health insurance could be risking your finances in the event of injury or illness.

While you will initially be paying a low price for your health insurance premium, if you do get injured or ill and have to go undergo extensive treatment or services, you may incur charges you can’t afford.

Subject to public hospital wait lists for many injuries or illnesses.

Under a cheap health insurance policy, your limited cover means you may have to go on public hospital wait lists for many procedures which could improve your quality of living.

Top tips to remember when choosing a health insurance policy

Trying to choose the best cheap health insurance cover for you? Check out these tips!

While price matters, don’t leave your health behind

It’s important that when you’re choosing a cheap health insurance policy, you don’t neglect inclusions which matter to your individual health situation. If you choose a cheap premium and end up sick or injured needing services or treatments which aren’t covered under Medicare, you may be shocked by how much of your medical bill you are left to pay.

If you’re young, contact insurers directly to see if they can offer a discount

Some insurers will offer a discount to healthy people under the age of 30 as they are less prone to injury or illness. This discount could help you put money towards a higher level of hospital cover or even allow you to include an extras cover policy.

Take advantage of the sign-up deals offered by insurers

Insurers will often offer sign-up promotions to get your business. This may include your first 6 weeks free, cashed up prepaid cards or gift cards and the opportunity to skip waiting periods

Frequently asked questions about health insurance

Have remaining questions regarding cheap Health Insurance? Here we answer some of those questions.

Are there health funds offering cheap health insurance which cater to certain careers?

Yes! There are insurers known as restricted health funds which offer cheap health cover to workers in These health funds are not-for-profit and designed to serve the needs of its members. They are great for providing affordable health insurance to you, your partner or your family.

Will a health insurance policy come with cheap dental cover?

Insurers will offer dental cover under a wide range of extras cover policies. There will be extras cover policies with cheap premiums which offer limited cover for dental, while more expensive policies offer extensive cover for even the most major dental surgeries.

Can I get cheap optical cover under my health insurance policy?

If you’re looking to get optical cover for frames or lenses you will need to take out extras cover. It is possible to get a cheap extras cover policy which will cover you for all things prescription glasses, but you will struggle to find a policy which covers for non-prescription optical needs.

If I choose a cheap health insurance cover, can I still avoid paying the Medicare levy surcharge?

Yes. The Medicare levy surcharge of 1-1.5% only applies to individuals earning over $90,000 annually and couples earning over $180,000 annually who don’t take out private hospital cover. Even if you take out.

Are there longer waiting periods to start claiming for cheap health insurance?

The waiting periods for cheaper health insurance depend on the type of cover taken out and your health insurer. For example, if you choose to take out extras cover to get regular dental check-ups, your wait period may only be two months. However, if you take out extras cover to make a claim on a major dental treatment such as crowns or braces, you will often need to serve a 12-month waiting period. To find out about a policy’s waiting periods, it’s important you read the Product Disclosure Statement (PDS).

Will a cheap health insurance restrict what I can claim on my benefits?

The cheaper your health insurance policy, the lesser benefits you can usually claim. Cheap health insurance policies tend to have lower benefit limits which means once you’ve claimed up to a certain amount on an inclusion, you will have to pay for any treatments or services thereafter.

If I’m expecting to start a family in the near future, should I choose a cheap health insurance policy?

No. If you’re expecting to be pregnant in the near future, you won’t be covered for any pregnancy-related services under a cheap health insurance premium. To get cover for your pregnancy and any related services and treatments, you will need to take out gold-level hospital cover. Make sure you take out this cover 12 months before the expected date of birth as waiting periods apply.