Looking to pay for health insurance with a credit card? Find out when it's possible and the risks to avoid.
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*Prices updated November 2024, in line with Finder's database of health insurance policies. Prices reflect the cheapest available for a single individual with less than $97,000 income and living in Sydney with a $750 excess.
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If you’re looking for an easier way to pay for your health insurance premiums, have you considered using plastic? It’s simple and convenient to pay your health insurance premiums with a credit card and using plastic can also help you access a wide range of other benefits.
Let’s examine the pros and cons of paying for health insurance with your credit card and what you need to do to get started.
Can I pay for health insurance using a credit card?
Yes, you can pay your health insurance premiums with a credit card. Regardless of whether you’re a member of a major fund or a smaller restricted-access fund, credit card is a widely supported premium payment option across the board.
According to our September 2024 Consumer Sentiment Tracker, Australians are paying on average $222 per month for their health insurance, so paying for this via a credit card could have its benefits.
Using your credit card can be a much more convenient option than some other payment methods, such as mailing a cheque or paying in person at a health fund branch, with most health funds allowing you to use your credit card when paying premiums online or over the phone.
You will need to provide the following details to pay insurance premiums using your credit card:
The type of card. Visa and Mastercard are widely accepted, while some funds also accept other cards
The name on the card
Your card number and expiry date
The CVV on the back of the card
Can I pay for health insurance via direct debit?
Another option when paying your health cover premiums is to set up a direct debit from your credit card. To do this, it’s a simple matter of filling out a form provided by your health fund with your credit card details. Your fund will then deduct the relevant premium amount from your credit card each month, quarter, year, or whenever your regular premium payment is due.
There are several benefits to paying your health insurance premiums by direct debit from your credit card, including:
It’s convenient. Setting up a direct debit saves you the hassle of having to manually enter your payment details each time your premium is due.
You’ll never forget a payment. A direct debit from your credit card automates the premium payment process for you, which means you’ll never have to worry about your cover lapsing after you forget a payment.
You can earn rewards. If your credit card offers a rewards or frequent flyer scheme, you could earn points for paying your health insurance premiums with your card.
Discounts. Some Australian health funds offer premium discounts when you choose to pay by direct debit.
What are the dangers of direct debit from your credit card?
While direct debits from your credit card undoubtedly have their benefits, there are a few downsides to be wary of. These include:
Changing credit cards. If you change to a new credit card, it’s vital that you remember to cancel the direct debit on your old card and set it up on your new card. If you don’t remember this step, you could end up without health insurance cover.
Changing health funds. If you switch health funds, you’ll need to remember to cancel your old fund’s direct debit before arranging payment to your new fund.
Insufficient credit. If your credit card is maxed out, your automatic direct debit may not be able to be completed and your health cover may lapse.
Not reviewing your options. With a direct debit taking care of your premiums, it can sometimes be easy to push thoughts of health insurance to the back of your mind. However, it’s worth reviewing your cover regularly to determine whether it still suits your needs and whether any premium increases make the cover too expensive for you.
Paying interest. Of course, you will also have to pay your credit card off before the interest-free days come to an end and interest charges apply.
Will I be charged a cash advance rate?
Another risk you should be aware of is whether your credit card provider treats your health insurance premium as a purchase or as a cash advance. If your card provider classifies health cover premium as a purchase, you will be able to take advantage of the interest-free days available on your card and also earn reward/frequent flyer points (if your card offers them).
However, some card providers will classify a health insurance premium payment as a cash advance, which means it will attract a higher interest rate than purchases and you will not be able to take advantage of any interest-free days. A cash advance fee may also apply to your transaction.
You generally can’t earn reward points on cash advances either, so it’s a good idea to check the terms of your credit card contract before using plastic to pay for your health insurance premiums.
Compare policies from 40+ Australian health funds
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With 1 click, you can open your results to nearly every fund in Australia.
You pay the same price as going direct – we charge no fees.
Depending on your age, you may be eligible for an
aged-based discount. This is used to estimate your
rebate.
Under 65
65 - 69
70 or older
What's your household's taxable income?
This is the combined income you and your spouse earn before tax. It's needed to calculate the correct Australian government rebate.
$93,000 and under
$93,001 to $108,000
$108,001 to $144,000
$144,001 and over
What kind of health insurance do you need?
Combined (Extras + Hospitals)
Extras
Hospital
What level of hospital coverage would you like?
You can change this at any time later.
Legend
Covered
Restricted cover, You may be partially covered for
this category.
Not covered. Optional for insurer to include.
*Prices updated March 2024, in line with Finder's
database of health insurance policies. Prices are based
on a single individual with less than $93,000 income and
living in Sydney with a $750 excess.
What extras cover do you need? (Optional)
Select as many as you want or move to the next step
Preventative & general dental
Major dental & implants
Optical
Physiotherapy
Podiatry
Non-PBS pharmaceuticals
Chiropractic
Emergency ambulance
Remedial massage
Email me my results (optional)
To get a copy of your results for later, add your email below
You'll pay the same price as going direct - we don't
charge fees
We don't ask for your phone number to see prices
Hang tight - we're fetching policies just for you!
Comparing quotes from 40+ funds...
Frequently Asked Questions
Yes, many health insurance providers in Australia allow you to pay your premiums using a credit card. This option can offer convenience and may even help you earn rewards points if your card is linked to a rewards program.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
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Depending on your age, you may be eligible for an
aged-based discount. This is used to estimate your
rebate.
Under 65
65 - 69
70 or older
What's your household's taxable income?
This is the combined income you and your spouse earn before tax. It's needed to calculate the correct Australian government rebate.
$93,000 and under
$93,001 to $108,000
$108,001 to $144,000
$144,001 and over
What kind of health insurance do you need?
Combined (Extras + Hospitals)
Extras
Hospital
What level of hospital coverage would you like?
You can change this at any time later.
Legend
Covered
Restricted cover, You may be partially covered for
this category.
Not covered. Optional for insurer to include.
*Prices updated March 2024, in line with Finder's
database of health insurance policies. Prices are based
on a single individual with less than $93,000 income and
living in Sydney with a $750 excess.
What extras cover do you need? (Optional)
Select as many as you want or move to the next step
Preventative & general dental
Major dental & implants
Optical
Physiotherapy
Podiatry
Non-PBS pharmaceuticals
Chiropractic
Emergency ambulance
Remedial massage
Email me my results (optional)
To get a copy of your results for later, add your email below
