How to save on health insurance when you're retired

You’ve likely spent years working towards a stress-free retirement in which you can simply enjoy yourself and spend time with loved ones.

So, you’ll probably want your retirement savings to go far. Below are a few ways you can reduce your health insurance premiums during retirement.

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Toggle your excess

It might be possible for you to lower the premiums you pay for your Hospital cover by choosing a higher excess (the amount you will pay before benefits are payable, if you end up going to Hospital). This can help reduce your premiums but consider whether you could afford that higher excess if you need to.

Choose the right level of cover

A lower level of extras cover may have smaller upfront costs.

For example, if you have Apia’s highest level of Health Insurance — Apia Premium Extras — switching to a lower level of cover, like Apia Essential Extras or Classic Extras, means you’ll pay less for your premiums.

Of course, doing so may mean your benefits will change and you will have to cover upfront costs for things you’re no longer covered for. It’s therefore important to assess your needs and choose a level of cover that best suits you.

It’s also good to be aware that if you downgrade your cover1, you may get less back from your Extras claim. For example, with Premium Extras cover you can get back up to 75%* on your Extras claim but with Essential Extras, this figure is only up to 60%*. For some, a higher level of cover may make more financial sense.

Hospital cover

Apia offers three tiers of Hospital cover: Silver Hospital, Silver Hospital Plus, and Silver Premium Hospital Plus.

You could reduce your premiums by choosing a lower tier Hospital cover. But it’s important to keep in mind that choosing a lower tier Hospital cover will reduce the hospital services you have access to.

Choose the cover that’s right for your lifestyle

Apia Health Insurance is designed for customers with life experience. This means aspects of Apia’s health cover can be well suited to retirees. You can get up to 75%^ back on things like optical, pharmaceutical prescriptions, hearing aids, health aids and preventative tests with Premium Extras. Plus, with any level of Hospital or Extras cover, you’ll also have access to unlimited ambulance2.

You can compare different levels of cover to see what might work for you.

Pay with direct debit

With Apia Health Insurance, you’ll receive a discount of up to 4% on your premiums when you pay by automatic direct debit from a bank, building society cheque or savings account. This discount doesn’t apply to credit card payments, however. You can use the Direct Debit Request and Claims Benefit Form to request automatic payments.

Looking after your health

While many health costs come out of the blue, daily exercise and a healthy diet can help ward off some health issues. Not to mention, a healthy lifestyle helps you feel great!

Read more:

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Apia Health Insurance is issued by nib health funds limited ABN 83 000 124 381 (nib) a registered private health insurer and is arranged by Australian Pensioners Insurance Agency Pty Ltd (Apia) ABN 14 099 650 996 as an authorised agent of nib for which Apia receives a commission.

1 Members who have changed their level of Policy can also revert to the Previous Cover within 30 days with no impact on Waiting Periods – providing no Claims have been made during that time. If a member wants to revert to the Previous Cover after the 30 day cooling off period they would have to re-serve standard waits.

*Of the cost to you up to your annual limits

2 Not available to: (i) QLD residents who have ambulance services provided by their State ambulance schemes; (ii) TAS residents who are covered under state ambulance schemes in TAS and when travelling in mainland Australia except NSW, SA or QLD; or (iii) pension and health care card holders who have ambulance services provided by State ambulance schemes (check entitlements with Centrelink if unsure).

^Applicable waiting periods and annual limits apply. Recognised providers only.