Health Deal

Health Deal, Australian health insurance comparison service

Health Deal is an Australian health insurance comparison service that allows you to review and compare policies from different health funds in one tool. The company presents itself as a free intermediary with no obligation to purchase: if it does not find a better option than the one the user already has, it advises them to stay with their current fund.

The service is aimed at those looking to switch insurers or take out a policy for the first time. The website states that the comparison can be completed in about three minutes and that assistance is provided both by phone and through the online tool.

Comparison by life stage and type of cover

The platform organises policies according to the applicant's profile and the type of protection they need. The categories it offers include:

• Insurance for singles, couples, families, single-parent families, young adults and those over 60 and 70.
• Hospital cover, extras cover or additional services, and basic tier cover.
• Policies with specific benefits, such as dental cover and optical cover.

The website also includes comparisons and reviews of specific funds, including Bupa, AHM and NIB, as well as explanatory content about the Australian health insurance system.

Average savings calculator

Health Deal provides users with a calculator that estimates average savings based on a series of quick questions. The tool asks whether the user already has cover, the type of policy (partner, family, single, single parent or extended family), the state of residence (New South Wales, Victoria, Tasmania, Queensland, South Australia, Western Australia, Australian Capital Territory or Northern Territory) and the approximate age group (under 20, 20s, 30s, 40s, 50s or over 60). With this data, the system shows savings options, popular funds and price comparisons.

Advice and managing the fund switch

The service includes advisors specialising in private health insurance who handle user enquiries. According to the company's information, the team manages all the necessary paperwork to make switching funds straightforward. In addition, a quality assurance team reviews 100% of sales calls to ensure that the advice is accurate and reliable.

Health Deal states that it is a member of the Private Health Insurance Intermediaries Association (PHIIA), an association for the private health insurance intermediary sector in Australia.

Switching insurers without new waiting periods

One of the points the service highlights is that switching funds does not require you to re-serve waiting periods you have already served, even for pre-existing conditions. The company also notes that users who switch policies save an average of 320 Australian dollars per year on premiums.

Context of the Australian market and tax aspects

The website includes sections explaining why it is worth comparing health insurance regularly. It cites data from the Australian Competition and Consumer Commission according to which, although nearly half of consumers (48%) consider switching insurers, only 14% actually do so, and around 6% of insured Australians switch funds each year.

Among the factors influencing the decision, Health Deal mentions the Medicare Levy Surcharge, which may apply to those with an income above 93,000 Australian dollars as a single person or 186,000 as a family if they do not have eligible private hospital cover. It also explains the Lifetime Health Cover Loading, which adds 2% to the premium for each year of delay in taking out hospital cover after 1 July following your 31st birthday, capped at 70% and remaining for ten years. The company illustrates this calculation with an example: taking out hospital cover at age 40 means a cumulative loading of 20%; if the policy costs 2,000 dollars per year, the extra cost would be 400 dollars per year, which would add up to 4,000 dollars over ten years.

Additional benefits and out-of-hospital services

The company notes that switching policies can give access to better benefits and greater flexibility, such as higher rebates on extras services (dental, physiotherapy and optical) and better out-of-hospital cover, including rehabilitation, chemotherapy at home and telehealth consultations.