Tactics for beating private health insurance price hikes
"Don't do a dump and run," she said. "Spend some time shopping around first to see if you can save. You can save hundreds of dollars by shopping around and choosing the best policy for your needs."
With a typical family private health insurance policy now costing around $4000 a year, the price hike has presented a good opportunity for policy holders to take stock and really think about the cover they really need.
"Compare your current policy against other options but don't just choose a policy on premium price alone," Ms Lamont said. "Take a close look at what your covered for and not covered for to determine how much value you'll get out of the policy."
Here are Mozo's top tips to manage health insurance costs.
Don't pay for extras you don't need. Match your policy to your needs not the other way around. If you're young its unlikely you'll need a hip replacement and if you're older you could scrap the need for pregnancy cover.
Take advantage of discounts. Some funds offer discounts of up to 4% for annual or direct debit payments.
Be careful with promotions. Don't switch to a new fund just to get a promotional offer. Always make sure the policy is the best fit for your needs first as choosing the wrong policy could cost you more in the long run.
Ask for a refund on your old policy. If you do decide to switch providers make sure you ask for a refund of any payments you paid in advance.
Don't forget to claim. There is no point paying for premium extras your not using so getting value out of your policy is important. If you aren't claiming, then think about stripping back your cover and putting the money saved into a savings account or towards something you will use.