7 Things Your Health Insurance Provider May Not Reveal
Published May 20, 2026
Want to know all the secrets behind maximizing what you are getting from your health insurance? From savings to increased coverage or extra benefits, our tips from our health insurance industry insider can provide assistance to reach your goals.
1. Watch for short-term incentives at the beginning of the year
Health funds usually offer their customers competitive short-term incentives in February-March prior to an annual premium hike which occurs on 1 April. Nevertheless, it is important to keep in mind that a switch should be made not because of an incentive but only if it makes sense regarding the overall value you can derive from this health insurance product.
2. Your premiums might be saved with a pre-payment
By paying upfront, you will freeze a current level of your premium and thus be able to save from future hikes. However, you need to understand that this method requires you to pay a significant amount of money at once, and sometimes, you would make less profit from that money being invested in a savings account or offset account rather than being used for a premium.
3. Sometimes, you do not necessarily have to serve double waiting periods when switching
When taking out a health insurance plan, you might have to serve some waiting periods before claiming for different claims. For instance, if you plan to start a family, you will need to take up a Gold tier hospital plan and wait 12 months before you can claim for the services.
On transferring your plans from one insurer to another, there is no waiting period served once again before making claims. You can move as many times as you wish, provided that you maintain the same level of cover. Lastly, some health insurance companies could decide to waive off shorter waiting periods in their selected extras when joining them.
4. You will no longer have access to what you do not use
All health funds have a set time when they refresh their extras benefit cap at the start of each year, which is usually the 1st of January. Remember to make yourself a reminder sometime towards the end of the year; if you still have money left that can be claimed on your extras, then consider getting some treatments or services you require done beforehand. There may be instances when some health funds give you a refund at the end of the year for any unused extras.
5. You might avoid paying a gap payment
In the case of having medical care, it is recommended that you contact the surgeon, anaesthetist, extras company, and other specialists to find out whether they have a contract under your health fund’s No-Gap or Known Gap arrangement to prevent unexpected charges. Another recommendation is to choose those hospitals which your health insurance company has deals with to make sure that all accommodation and operating room fees are covered. Be sure to get a full Informed Financial Consent (IFC) quotation from each provider.
6. You may reduce premiums by increasing hospital excess
If you decide to increase your hospital excess, say from $350 to $750, it may help reduce your health insurance premiums. Just ensure that you have sufficient funds available to make such an excess payment should you make a claim in future.
7. Loyal clients might also get the same special deals as those received by new customers
Despite being satisfied with your present health insurance coverage plan, there is no reason why you should not take advantage of the specials and other deals offered by the insurer to attract new clients. Remember that you will not be offered such a benefit automatically, but you will have to request them. While not necessarily receiving the same discount offered to new clients, you will at least receive another form of discount for making that effort. The Private Health Insurance Act allows insurers to provide existing clients with discounts up to 12%.
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