Aussies Urged to Act Now on Private Health Insurance

    SYDNEY, AUSTRALIA, June 15, 2009 /24-7PressRelease/ -- Australia's higher income earners who will not receive the full Government rebate for their private health insurance from July 1st 2010 could start looking for savings now and not wait until next year, according to moneytime, the private health insurance comparison website.

In an statement that outlines how Australia's higher income earners will not get the full 30% rebate currently on offer from the Federal Government, moneytime has included details on how people impacted by the changes can save money on their private health care policies now rather than wait to take action next year. The statement was published on the moneytime website. The changes to the rebate policy were announced in the recent federal budget.

David Miller, managing director of moneytime, said higher income singles, couples and families could examine their current policies and eliminate or change aspects of their health care policies that do not apply to their current life and health care needs.

"Many people have comprehensive private health care policies that include coverage for items they don't need at a particular life stage, but they are still paying for these items," said Miller. "For example, a young single person could save about $65 a month if they customize their private health policy and remove elements such as joint replacements and hearing aids that they might be unlikely to need."

Miller said if people had already customized their policies, there were also savings opportunities in areas of compromise such as policy excess and co-payments. "It is possible for a family to save more than $60 a month, simply by accepting an excess of $500 on an existing nil-excess policy," said Miller.

He added that moneytime's online platform offered extensive options for people to compare health insurance options, make informed decisions and buy their policies online.

About moneytime

Moneytime offers Australia's largest choice of major health insurance funds where people can compare, buy and save online. http://www.moneytime.com.au/

# # #