This article about bill comparisons and hunting for lost savings is a sponsored post written by Sophie Ryan, iSelect spokesperson
Health insurance? Check. Car insurance? Got it! Thought about pet insurance? Sure have! And on and on it goes. A fresh start in a new country is exciting, but the logistics of establishing yourself in a new place can come with a long ‘do-to’ list.do-to’ list. But if you’ve been here for a while, and your family is well and truly settled in, it might be time to review those common household bills and expenses to see if you can find some extra savings.
Why? Well, like many families, you could be feeling the financial pinch more than ever right now as the cost-of-living soars. Also, recent YouGov research commissioned by comparison service iSelect suggests Aussie households nationwide could potentially be losing out on $18.7 billion in savings annually by remaining loyal to the same service providers and/or plans[1].
Yes, that’s a lot of cash! So, how do you make sure your household isn’t missing out?
1 Review your plans/policies regularly
When it comes to common household expenses, don’t set and forget. This could put you at risk of paying the ‘loyalty tax.’ The research found that more than half of Aussie households surveyed have not switched any household products or services in the last 12 months and that’s concerning, especially when households surveyed that switched their electricity plan and/or provider in the last 12 months found an average saving of $394 a year, while those that switched their health Insurance plan and/or provider in the same timeframe found an average saving of $520 a year![2] So, what are you waiting for? See if you can uncover savings by reviewing some of your household plans/policies.
2 Keep your health front of mind
According to the same survey, more than half of Aussie households (53 per cent) surveyed have spent more than five years on their current health insurance policy [2]. Our health needs change over time, so don’t become complacent. If you have a private health insurance policy, put it at the top of your review list. There’s a chance you could already be paying more than you need to for outdated cover. For example, retirees could still be paying for IVF and pregnancy, or young people may be paying for things like hip replacements or cataracts. Remember that if you do decide to switch your health insurance, any hospital benefit waiting periods you have already served are protected by law if you switch to an equivalent or lower level of hospital cover.
3 Help is available
Taking time out of your day to review your household bills and expenses can seem draining, but when there could be extra savings to be found, can you really afford not to? Especially with Australia’s cost-of-living crunch continuing! But don‘t worry, you don’t have to do it alone. Whether it’s your health insurance, energy plan or car insurance (to list a few), a comparison service such as iSelect* can help by comparing a range of insurers, plans and policies to help you find any lost savings.
iSelect disclaimer
*iSelect does not compare all products in the market. The availability of products iSelect compare may change from time to time. Not all products made available from iSelect’s providers are compared by iSelect and due to commercial arrangements, area or availability, not all products compared by iSelect will be available to all customers. Some products and special offers may only be available from iSelect’s call centre or website. Click here to view iSelect’s range of Providers.
[1] Source: iSelect commissioned YouGov Galaxy Pty Ltd to conduct a national online survey between 8 December and 13 December 2022. The sample is n=2,000 Australian sole/ joint household decision makers aged 18 years and older. The survey results were weighted by state and household size and projected to all Australian households based on the population data published by the ABS using the latest Census conducted in 2021.
[2] Source: iSelect commissioned YouGov Galaxy Pty Ltd to conduct a national online survey between 8 December and 13 December 2022. The sample is n=2,000 Australian sole/joint household decision makers aged 18 years and older, with data weighted by state and household size.
This post about private health insurance in Australia was provided by iSelect.
