With household costs such as electricity set to increase from July 1, the family budget is at the forefront of many Australians' minds.
But it's not just the cost of living that will be affected by the start of the new financial year – the federal government will also begin means testing its 30 per cent private health insurance rebate.
According to the latest Galaxy Poll, almost one in three Australians will be looking to downgrade or remove their private health cover due to the "financial distress" caused by the rebate changes.
However, singles and couples still have time to make significant savings by prepaying their premiums for the next 12 months before June 30.
While this may seem like a significant outlay at such a crucial financial time, Health Insurance Consultants Australia (HICA) is offering a special Premium Funder to allow policyholders to
borrow the amount they need to pay their premiums upfront.
This amount can then paid back in regular monthly instalments – much like policyholders would with their regular health insurance premiums.
Singles earning more than $130,001, as well as couples earning over $260,001, will have the 30 per cent rebate removed completely come July 1 – so they stand to gain the most by prepaying their premiums and securing the rebate for the next 12 months.