Are you wanting to earn Qantas frequent flyer points but refuse to get a credit card? Well, Qantas Health Insurance may be the solution for you to finally earn a ton of sign up bonus points!
Qantas has just updated their points sign up bonuses meaning you can earn up to 65K Qantas Points for Singles or 130K Points for Couples & Families! Considering a classic rewards flight in Business Class from Sydney to Manila (Philippines) costs 68K Qantas Points + taxes, those points should add a lot of value to your future trips!
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If you are wanting to make the switch to Qantas Health then the process is simple, all you have to do is sign up for Qantas Health Insurance and you’ll start earning points right away. It’s the perfect way to earn rewards while ensuring that you and your family are protected in the event of an unexpected illness or injury. Plus, with a range of options to choose from, you’ll be able to find a health insurance policy that suits your needs.
If you are happy with your current health insurance but just want to capitalise on the sign up bonus then let’s look at the strategy below:
Strategy: (Singles Cover)
1. Sign up for the cheapest extra’s only cover and pay for that up until day 52 (approx $7.94pw)
2. On day 52 switch to most expensive hospital + extras cover (approx $71.44pw)
3. On day 60, their disclosure statement mentions you are eligible for bonus points based on the level of cover at the time meaning 65K Qantas points is the bonus points for top hospital + extras cover
4. On day 60, ensure they pay out the points & contact them if not
5. Once points bonus is paid out, choose to adjust cover for future and continue or cancel insurance cover.
The Maths: (Singles Cover)
Day: 0 – 53 = Lowest Cover Extras Only = $7.94pw =$63.52 for 8 Weeks Coverage
Day: 53 – 60 = Top Cover Hospital + Extras = $71.44pw for 1 Week Coverage
Total Spend = $134.96 Approx
Total Points Earned = 65K Points
Total Cost to Buy 65K Qantas Points from Qantas.com = $1,782 (Normal Price)
Important Risks to Consider:
The Strategy above looks great in theory but Qantas Health Insurance Disclosure Statement does not provide full details on smaller details so they are unknown and a risk to the strategy working. Some risks we discovered for this strategy is:
- What if the sign up bonus points are not credited on day 60? This will impact the total spend until they are awarded. Will Qantas ensure they are credited on day 60?
- Can you hold 2x insurance policies at the same time if you’re happy with your other health insurance and just want to churn the points
- It states in the disclosure statement points will be awarded after ‘the policy’ has been held for 60 continuous days and based on the level of cover held at that time (day 60). This is a very vague statement and doesn’t give us clarity around if you upgrade on the last week if you will earn the points for the higher cover. ‘The Policy’ does not give us clarity if it is referring to a Qantas Health insurance policy or a specific cover type. IF Qantas means it needs to be the same cover type for 60 days then consider if the total cost of the top hospital & extras cover (approx $650) is worth the 65K points for your circumstances.
- No bonus points if you have been a member of NIB, AAMi, Suncorp group in the last 6 months
- Qantas Health Insurance doesn’t appear to run a credit check but this is not outlined clearly
To play things safe, call up Qantas and clarify the above points + any further questions you have.
Summary:
In Summary, if you’re getting health insurance anyway, the Sign Up Bonus Points may be a great deal for you! If you are looking to sign up to churn through the points, we think it is important to get confirmation with Qantas around some of the details outlined in the previously mentioned risks.
Full Details including Disclosure: https://insurance.qantas.com/health-insurance
Oz Bargain Discussion: https://www.ozbargain.com.au/node/753936
