Simple ways to save on private health insurance

Updated October 2026 | 3 min read
Words by Angela Tufvesson

Key takeaways

• There may be ways to lower your premiums.
• With a few small changes, you may be able to reduce the cost of private health insurance and make your cover better suited to your needs. 
• Look at the parts of your cover you use and those that might be less relevant at your current stage of life. 
• Consider increasing your excess and paying your premium 18 months in advance. 
• Check if it’s worthwhile switching to a couples policy from a singles policy. 
• Use HCF’s No-Gap provider network to lower out-of-pocket costs and the HCF Thank You app to get discounts on everyday expenses.

Discover practical ways to save on private health insurance while still getting the benefits you need.

If you're worried about rising healthcare costs, or you're simply looking for ways to make your budget stretch a little further, you're not alone. Understanding your options can help you manage your costs while keeping the cover that matters to you. 

Want to find out how to save on private health insurance? Try these simple strategies.

1. Review your cover to make sure it still suits your needs

Take a moment to review the parts of your cover you actually use and those that may no longer suit your stage of life. Making sure you have the right cover for your life stage and aren’t paying for services you don’t need – like pregnancy or orthodontics – can help make your health insurance cheaper. It’s also worth checking your extras claims regularly to see which services you use most and whether there are any you could do without, so your cover stays tailored to your needs. 

If your health needs change, downgrading your cover can be a practical way to manage your premiums. For example, if you have HCF hospital cover, you might switch from a Gold to Silver policy, which is great for members who don’t need cover for things like pregnancy, insulin pumps or weight loss surgery. When it comes to extras, Choose My Extras lets you select four extras services and swap unused ones as your needs change^*.

We can help you check you’re on the right policy for your health needs and life stage. Chat with us online or call 13 13 34 to speak to our team.

2. Pay your premium up front 

HCF is one of the few health insurers that lets you pay your premium up to 18 months in advance and lock in the rate from the date of payment. Paying ahead can make it easier to manage your annual health insurance cost and plan your budget, while still enjoying the full benefits of your cover.

3. Increase your excess

Choosing a higher excess – up to $750 for singles and capped at $1,500 for families – can help to lower your monthly premiums. A higher excess can be a good option if you don’t expect frequent hospital visits. But keep in mind that this means you’ll pay more if you need to make a claim for a hospital admission.

4. Use our No-Gap provider network

For extras like dental, optical and physio, you could get 100% back^{^} on a range of No-Gap services through our More for You programs. Use our Find a Provider tool to locate participating dentists, physios and more, and reduce your out-of-pocket costs.

5. Switch to a couples policy

Is couples health insurance cheaper? The Lifetime Health Cover loading adds 2% on top of your premium for every year you’re aged over 30 and haven’t got hospital cover. If one partner has a higher Lifetime Health Cover loading than the other, combining policies may reduce the average loading applied to the policy, which can lower the overall premium while keeping the same level of cover.

6. Lower the cost of everyday essentials and your premiums with HCF Thank You

Your HCF dollars are added directly to the app’s digital wallet, so you can easily check your balance and keep track of your rewards.

The HCF Thank You app⁺ makes it easy to find personalised offers and discounts, earn rewards and track your savings. Eligible members can access a wide range of offers on groceries, fuel and entertainment, as well as discounted e-Gift cards.

You can also earn HCF dollars when you shop at participating retailers, with 1 HCF dollar equalling $1 AUD. Once your balance reaches 20 HCF dollars, you can convert them into an HCF Digital Prepaid Mastercard, an e-Gift card from eligible retailers or , if you pay your premiums by direct debit, use the funds to help offset the cost of your health cover premiums^#.

Your HCF dollars are added directly to the app’s digital wallet, so you can easily check your balance and keep track of your rewards.

7. Understand hospital costs

Our cost indicator tool helps you get an idea of the average cost of common hospital procedures. The tool also shows how your choice of doctor and hospital can affect these costs, helping you plan ahead and make informed decisions.

8. Consider suspending your cover 

You may have the option to suspend your cover for a short time – for example, if you’re going overseas for 30 days or more. But suspending your cover can have implications, so it’s worth considering other ways to reduce your costs first and only taking this option as a last resort.  

Depending on what you earn, if you choose a suspension, you may have to pay the Medicare Levy Surcharge for the period in the financial year that you didn’t have hospital cover.

Before making this decision, talk with your accountant or the Australian Tax Office, and discover your options for suspending your cover. Subject to certain criteria, if you choose to suspend rather than cancel your cover, you won’t need to re-serve waiting periods when you resume your HCF cover.  

To understand more about which option is right for your circumstances, please get in touch.

Get in touch

Our members are at the heart of everything we do, so if you want to discuss your cover, don’t hesitate to contact us and we can talk through your options. Either chat with us online or call 13 13 34 and speak to our team.