For us, we also looked at changing our extras cover as we have not used it much, neither have we found having a $250 excess for hospital necessary. Changing from one level to another can save you a significant amount. For example, if your family is on Medibank's Top Excess 85% cover with a $250 excess for hospital, and moved to 55% extras cover with $500 excess for hospital, you will save $70.75 / month (if you don't need to claim). If you can go four months without going to a private hospital (our family has made two public hospital visits but no private hospitals in the last three years), you have your money back. I called up Medibank and this is how much each level of cover is for a family and how much it will change.
|Extras cover||before 1 April 2014||after 1 April 2014|
|$250 excess||$500 excess||$250 excess||$500 excess|
Back to the prepaying, the above plans are all going up by 6.2% - 7.9% on the 1st April. If you prepay on the top level of hospital and extras cover, you will save $215.40.
So which Health Insurance company should you go with? Not sure, but if you have done some research, feel free to leave a comment. But if you switch, always insist on them waiving their no-claim extras periods (hospital cover cannot be waived moving from one provider to another).