“The types of incentives are growing,but you could be paying for the incentives several times over if you don’t do your research”,says Kate Browne,the head of research at comparison site Compare Club. “While a lot of these extra benefits seem appealing,you do need to look at the cost-to-benefit equation.”
“While a 12-week premium holiday is an excellent way to save a decent amount off your healthcare bill for the year,some of the other perks may not be worth it if you are paying a higher premium.”
Many of the rewards are for fund members who join the health insurers’ health and fitness programs and who meet specific goals,though insurers are offering plenty of incentives to entice new customers to their hospital or extras cover.
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AIA health members,for example,who sign up to AIA Vitality – a personalised wellbeing program – and achieve their weekly target each week for 24 months can earn enough points to redeem an Apple Watch and a host of other items,such as discounts on flights with Virgin Australia and cheap cinema tickets.
Qantas Insurance,which is underwritten by nib,offers a Qantas point for each dollar spent on the premium every month and offers 12,000 Qantas points a year to members who download the Qantas Wellbeing App and walk 10,000 steps each day. Sometimes,for limited periods,Qantas points are offered to new members.
Those who joinMedibank and maintain a certain level of cover can earn rewards points and receive a certain number of weeks of cover for free,depending on the policy chosen.