Commission rebate schemes

With health insurance premiums on the increase, switching to a commission rebate service may put some money back in your pocket.
 
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02.Reviewing the rebaters

Here’s how two health insurance commission rebaters dole out your cut of the kickback. Aside from commissions, we haven’t investigated how these sites function as insurance shopping tools and don’t recommend them for that purpose.

YourShare.com.au vs. BetterBills.com
YourShare.com.au BetterBills.com
Profile One of the top performers for super accounts with less than 50K in our 2009 review, YourShare has been awarded Best Cash Back Provider by Money magazine for the past five years. This rebater has just started to offer health insurance rebates. A relative newcomer to the cashback scene, BetterBills is focusing mainly on health insurance for now but says it plans to expand into other types of insurance. The comparison site recently started including energy providers.
Products YourShare currently has a rebate commission arrangement with just one health insurer, NIB. CEO Paul Brady told CHOICE the company is looking to add more insurers provided their terms are "transparent and fair". NIB was a recommended policy for the least expensive hospital cover available (to avoid paying the Medicare Levy Surcharge) in our 2012 market review, and a long-term top performer in previous reviews. BetterBills says it has commission agreements with about 2500 of the 10,000 health insurance policies included on its website, or 11 funds. It aims to cover 85% of the market, or "as many of the 37 funds as possible". Founder Tim Andrew told us commission agreements have no influence on which policies the site recommends as "best" or "cheapest", although one with a cashback offer is always included.
Cashback
  • YourShare members are entitled to an eight per cent (or one month) annual discount on NIB policies
  • YourShare pays the four per cent annual commission it receives into members' cashback accounts. It works out to savings of $292 on a $2500 annual premium (Note: the terms are different for current NIB policyholders)
  • Members receive one payment per year along with a statement showing the amounts and dates of commission flows generated by their policy
  • BetterBills splits commissions 50/50 with its members in all cases where it has an arrangement with the provider. Andrew says commissions average about 24% of the premium – so members get 12% back
  • For health insurance, BetterBills says the average cashback payment is $250 a year
  • BetterBills rebates half the annual upfront commissions along with half of any trailing commissions at the time they're received
 
 

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