10.Switch and save
Before changing policies, check any waiting periods. For extras cover, they’re usually two months for most services, 12 months for major dental and 36 months for hearing aids. Funds often waive the shorter waiting periods and may even waive all waiting periods.
Some funds have loyalty bonuses that you’ll usually lose should you switch to a new fund, though you can always try negotiating with the new fund to maintain the bonus.
Once you’ve had hospital cover for 12 months you generally don’t need to worry about waiting periods so long as you change to a comparable policy. But if you change to a policy with a lower excess or higher cover, you’ll have to serve a waiting period for up to 12 months for extra services or savings.
Some policies also have benefit limitation periods (BLPs)– for example, they only cover you for rehabilitation in a public but not private hospital for the first 24 months. If you’ve already been covered for rehabilitation for 24 months or longer by another policy, the BLP won’t apply to you as it only applies the first time you take up cover.
Once you’re ready to switch, there are some steps you’ll need to take: