How to cut the cost of health insurance (without cutting the insurance)

Nicole Pedersen-McKinnon shares some tips to save money while still getting the most from your health insurance.

In this video, Nicole Pedersen-McKinnon delves into the significance of private health insurance, highlighting its pivotal role in protecting one's income and ensuring prompt access to medical care.

Nicole initiates the discussion by challenging the conventional belief that a house represents one's most substantial asset. Instead, she contends that an individual's continuous ability to generate income carries greater weight, underscoring the potential financial ramifications of incapacitation due to accidents or injuries, particularly in situations demanding swift medical intervention.

Drawing from a personal encounter with a breast cancer diagnosis two years ago, Nicole underscores the advantages of having a health safety net. Private health coverage, she asserts, not only expedited her treatment but also provided a consistent income stream during the recovery phase.

Nicole imparts three insightful tips for making private health insurance more affordable:

1. Increase Your Excess: Opting for a higher excess can result in lower premiums, and specific excess amounts may exempt individuals from the Medicare levy surcharge.

2. Tailor-Make Your Cover: Recommending selecting an insurer that allows policy customisation, Nicole advises avoiding unnecessary expenses by tailoring coverage to individual needs, such as obstetrics or joint replacement.

3. Use Extras to Offset Costs: Nicole suggests leveraging extras coverage, encompassing services like dental and optical care, to counterbalance the overall expense of insurance.

The discussion extends to income protection insurance, with Nicole underscoring its role in replacing up to 75% of one's salary during periods of illness or injury. She advises opting for a longer waiting period before payout to reduce premiums, cautioning against the "any occupation" option.

Concluding her insights, Nicole emphasises the significance of life insurance, particularly in scenarios involving terminal illnesses, which often includes a trigger for payout with a limited time to live.

In summary, the video encourages viewers to prioritise establishing a health safety net that is both cost-effective and efficient, concluding with an impassioned plea for regular health check-ups.