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Switching health insurance policies ‘could save you up to $1,500’

6 July 2011 - 2:32pm

A new survey of over 17,000 health insurance policies by Choice has found that it pays to compare health insurance policies.

Simply finding a policy that offers more tailored cover could cut up to $1,529 off the cost of health insurance, the research has suggested.

According to Choice spokesperson Ingrid Just, switching funds is not just about saving money, but also getting more comprehensive cover.

Ms Just says: “Buying combined health insurance may seem like an easy option, but separating hospital and extras can save money as well as ensuring the best possible cover.”

The report highlights the importance of deciding whether or not you need extras cover, as a large percentage of policyholders never end up making claims.

The study of 20 major funds and smaller providers shows that many people prefer combined policies as the task of comparing plans and separate extras is daunting and time consuming.

Choice recommends policyholders look at the fine print and encourages people to look at the entire market when making a decision about their health insurance.

A health insurance broker can help by comparing policies to get the most comprehensive cover at the best possible price.