Even if you feel fit, young and healthy, you should consider choosing health insurance for either yourself or you with your partner as a couple. Even though we might be stranded without our car for a couple of weeks as it gets repaired thanks to insurance, there’s nothing more precious than our health. Getting the best level of care should be on the top of any list of life’s priorities. But how do you choose the right level of cover? Are two individuals getting insurance separately better than signing up as a couple? How do you avoid the Lifetime Cover Loading? What about pregnancy? We’ll answer all this and more.
Single Health Insurance: Benefits and Considerations
If you’re single, you may want to take out health insurance to avoid the Lifetime Health Cover Loading, the Medicare Surcharge Levy, and take advantage of the Federal Government’s private health cover rebate. The LHC kicks in after you turn 31 — and health funds recognize this by offering discounts for those under the age of 30 and keep getting the discount until the age of 41. If you take out extras insurance, it means you won’t be paying fully out of pocket for major dental, physiotherapy, mental health treatment, complementary medicines, and optometry. Of course, you will have access to private hospitals and private surgeries.
Couples Health Insurance: Advantages and Factors to Consider
Together with a long-term partner, you can purchase couples’ health insurance. Unfortunately, there are no real savings when it comes to taking out a couples’ insurance policy, but it’s usually more convenient. You can share extra limits, keep records more easily, and add pregnancy cover when you decide to plan a family. Unlike a singles policy, you are unable to share the extras benefits, provided you tack them on to your hospital cover. That said, you may have different health needs and two singles policies might make more sense.
Use Savvy’s guide to find out the difference between singles’ and couples’ health insurance.
Making an Informed Decision: Factors You Need To Think About
The first factor is cost: how much are you willing to pay for your premium without breaking the bank? If you are young and have no apparent health problems, a basic level of cover may be adequate. You may want to add extras such as dental, since we all get check ups at least once per year. Maybe you wear glasses and want to add optical so you get “free” pairs of glasses every couple of years. The cost has to match the benefits.
You also have to consider waiting periods too. If you’re getting insurance for surgery, you will have to wait for six to ten weeks before you can use your insurance. You can also set a higher excess for lower premium payments; but again, it’s up to you if you can afford a big lump sum bill if you need to claim.
What’s Next: Getting Health Insurance
When it comes to health insurance, everyone is different and has varying plans. It’s up to you to choose a policy that covers what you absolutely need, or you’ll be paying too much for no value in return. You need to consult providers and look at comparison sites to see which provider offers the best blend of value and extras (if you want them) for the price.