Health Insurance Tips for the Young and Single
Choosing a health insurance plan is really simple for those who are young and single because their main health concern is normally accidents or emergencies. Fortunately, the majority of health funds have put together health insurance policies that are geared towards singles on a budget.
- 1 Compare Health Insurance Policies Now!
- 2 Medicare Levy Surcharge Calculator
- 3 Public Hospital Waiting List Calculator
Compare Health Insurance Policies Now!
If you are young and single, please consider these 5 tips before taking out health insurance:
1. To lock in the lowest rate for life, be sure to start early. By starting early, you can lock in the lowest health insurance premium rate for as long as you continue to hold Hospital cover. Keep in mind that in order for this to be possible, you will need to take out hospital cover by July 1 following your 31st birthday. If you take out health insurance after your LHC base date, you’ll be hit with an age loading of 2% for each year you delayed past the age of 30.
2. Take out health insurance and stop paying extra tax. If you do not currently have Hospital cover and your yearly salary is $80,000+, you are paying extra tax that you can avoid. This in the form of the Medicare Levy Surcharge, and if you take out Hospital cover, you will not have to pay this tax – as long as you choose an excess that is no more than $500.
This calculator will tell you what your levy is base on your income
Medicare Levy Surcharge Calculator
3. Benefit from health insurance even when you are not sick. In addition to your hospital cover, you take out Extras cover. Extras cover only costs a fraction of Hospital cover. With Extras cover you will get great benefits including non-hospital services that you may use, such as physiotherapy, dental, optical and chiropractic. Some health funds will even offer a gym membership rebate. These services will help keep you fit and healthy.
What types of medical care are most people getting
4. Save money on health insurance. One of the best ways to save money on health insurance is to select a policy that fits your lifestyle. Most health funds have a policy that is perfect for singles because the policy will only cover the things that are usually needed and will cut out things that are not needed at a young age, such as having a hip joint replaced or cataract surgery. Choosing a policy like this will help keep your costs down.
5. Health insurance will give you peace of mind. You can feel good knowing that if the worst should ever happen, the procedure will be covered by your health fund. If the worst should ever happen and you do not currently have health insurance, chances are you will most likely be placed at the end of the long waiting list in the public health care system. To avoid this, do a health insurance comparison to find a policy that fits your lifestyle. As always, the sooner you do this, the better. And remember, it is always better to have health insurance and not need it than to need it and not have it.
See how long you could have to wait without private cover.
Public Hospital Waiting List Calculator
Disclaimer: The above information is correct and current at the time of publication.
Still have questions? Let's talk!
Confused? Not sure if this applies to your situation? Phone us on 1300 643 355 for some free, no obligation advice!