Please forgive me, I’ve left it until the last minute to write about this deal as it’s been in the market for a while now. We’ve been running the numbers on our Discord channel (why not join us?) for this deal to conclude it makes financial sense. What am I talking about, you may ask? It’s the latest Medibank health insurance policy which comes with a whopping 150,000 bonus Velocity points when you join before the end of the month.
Thankfully, an email from a reader (thanks, Phil!) spurred me into action to give you the lowdown on the offer.
Full disclaimer: I don’t get paid by Medibank to promote their product. We’re also talking about health insurance here so don’t take this as advice… we’re just after the bonus points (and maybe get some remedial massages and dental along the way).
With that out of the way, let’s take a look at the offer!
- For a limited time, join and maintain an eligible Medibank hospital & extras cover and get up to 150,000 Velocity Points and 6 weeks free cover.
- Offer ends 30 June 2023.
- New Medibank members only. Terms and conditions apply. You must hold the same eligible cover for 90 days to receive the bonus Points. Use promo code ‘VELOCITY’.
Sounds easy, right? Well, it is actually pretty straightforward. However, to get the 150k points, we will need to sign up for the most expensive policy, which depending on your age etc., can actually be a bit tricky!
To get the full 150k points, we will need to get a cover that’s at least $130 a week. Keep in mind that we need to hold it for 90 days in order to get the points. However, there’s also 6 weeks free! The 6 weeks free kicks in after 42 days. Since 6 weeks = 42 days, we technically only need to pay for 48 days instead of the 90 days.
So, with that in mind, the numbers should work out as follows:
90 / 7 = 12.85, so let’s round this up to 13. This means we will need to pay for 13 weeks at a rate of $130 (replace this number with whatever you’re getting quoted), which means the total cost of 150k Velocity points will be $1690. This is an “ok” price but not great! So let’s factor in the 42 days free. In this case, the formula changes. We can now do 48/7 = 6.85, so we round it up to 7 weeks. Now we’re looking at a much better deal because 7*130= $910 for 150,000 points. That’s $0.006 which is a fantastic rate.
Tips & Tricks
To get the right amount to reach the minimum target, you will need to go for the most premium policy. In my case, the most expensive I could get was only $125 a week, this is due to my age etc. I imagine that if you’re older, it will be easier to hit the minimum but harder to work down to the desired $130 sweet spot.
Including coverage for childbirth will also boost your premium. So, if you can’t reach the minimum, I recommend including this—even if you don’t plan on having children.
Anything else you should know?
The cover itself seems to be pretty good as well! Since this is the most premium cover, there’s no excess and Medibank is waiving the extras waiting period for both the 2 and 6-month categories. This means you can instantly claim general dental, massages, eyewear, and a few other things which should bring down your overall cost to well below zero if you were planning to spend money on these things anyway.
In any case, let me know what you think about this offer! And of course, if you spot any mistakes in my numbers, do let me know.
To get this deal visit Medibank here.