'set And Forget' Wastes Hundreds In Unnecessary Premiums
By: TUH Health Fund
Consumer behaviour expert and Queensland University of Technology Professor Gary Mortimer said 'set and forget' syndrome – the practice of failing to revisit an initial purchase to make sure it still meets current needs - was rife with private health insurance.
"Ironically, people will drive an extra 10 minutes to a different service station to save a few cents per litre on their fuel, but won't take 10 minutes to compare premiums, which might save them hundreds of dollars each year or be the difference between waiting a month or a year for an operation," he said.
"Health insurance, like many other insurances, are considered 'unsought products'. You buy it with the intention of never using it, but people could be saving a lot of money."
TUH Health Fund CEO Rob Seljak said certain lifetime milestones were critical points to review health insurance:
TUH was one of only two private health funds across Australia that has not increased premiums since April, 2019 and will not do so until April 2021.
"Some health funds are increasing premiums by as much as 5.58 per cent, which will be a hike of nearly $300 a year for families and $200 a year for singles," he said.
"After a challenging year, many Australians simply can't afford another creeping cost so they should take the opportunity to shop around and to see if their policies are still meeting their needs."
Mr Seljak said 2020 had reminded many people of the importance of good health.
"There are not charges or waiting periods to change health insurers, so people can really shop around and get what they need, at whatever stage they are in life," he said.
"And remember, as a policy holder with a not-for-profit private health insurer you are effectively a shareholder of the organisation. Unlike many competitors, your shareholding gives you competitive top quality health insurance plus the added value of benefits like this premium freeze, highly personalised service and first-class benefits."
To join TUH, eiligibility criteria does apply but simply call one of our experts for a quick and free review of your current cover. As a non-profit, TUH will provide an honest appraisal and if it can't provide the best cover for you – they'll let you know.
For a private health insurance consultation or more information on TUH private health options please call 1300 360 701 or visit tuh.com.au (http://www.tuh.com.au/