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Two health cover questions you need to ask yourself this financial year

Nobody hesitates to slap money down for car or home insurance. But how many of us make sure that our health is protected in the event of illness or emergency?

If you have an outdated policy that no longer fits your needs, or you’re yet to compare cover, it’s time to think about where your health insurance policy stands and how it might hold up when you need it most.
Now that we’ve entered a new financial year, there’s no better time to check up on your cover options, especially if you:

  • Haven’t compared for over a year
  • Are turning 31
  • Are going through a change in circumstances

Health Insurance Comparison saves you time and money by comparing policies from a panel of 8 leading health funds to ensure you’re still getting the best possible value. Simply enter a few details below and we’ll do the rest.

Here’s how you do it:

Step 1: Select your current life stage below.
Step 2: Once you select your preferred coverage options, you will have the opportunity to compare quotes from multiple health funds.

Here’s how you do it:

Step 1: Select your current life stage below.
Step 2: Once you select your preferred coverage options, you will have the opportunity to compare quotes from multiple health funds.

But before looking at your own health insurance situation in detail, there are two crucial questions to ask yourself.

Question #1: Do you earn $90,000 or more as a single or $180,000 or more as a couple?
 
If the answer is no, you won’t be hit with the Medicare Levy Surcharge (MLS). If the answer is yes, you can avoid the MLS by taking out an appropriate level of hospital cover.*

When you imagine the Medicare Levy Surcharge costing similar to a yearly health insurance premium, it could really make better sense to get covered now. And it’s a win-win situation—avoid paying unnecessary taxes and secure cover for you and your family.

But you might want to act quick! You’re exempt from the MLS as soon as you have eligible hospital cover—don’t pay a cent more than you have to. You can use the free comparison tool at Health Insurance Comparison to easily compare plans and find the best deal for you.

Question #2: Did you turn 31 years of age or older in the past financial year?

If the answer is yes, know that not having hospital cover could actually cost you a significant amount in the long-run. This is for two reasons.

First, once you get a hospital policy, a 2% Lifetime Health Cover (LHC) loading fee will be applied to your premium for every year after the age of 30 when you didn’t have coverage.**

This fee is capped at 70 per cent. But that means if you bought your first hospital insurance policy at 65, you’d be paying a 70 per cent LHC fee on your premium! That could turn a $1000 annual premium into $1700, at an age when many people are thinking about financing retirement.

A survey last year suggested that Australians slugged with the LHC loading, which at the time was 71 per cent, would prefer health insurance to be risk-rated.*** People don’t want to have to be paying the LHC if they don’t have to.

The easiest way to avoid extra taxes and penalties like the MLS and LHC is to get an appropriate level of health cover as soon as possible. That way, you can either reduce or completely remove your loading fees and set yourself up for more affordable premiums in the long-run.

You can start comparing policies at Health Insurance Comparison, where a friendly health insurance expert can help you get a good deal for your budget, life stage and health needs.

Get started here or by filling in the form below.

Since Apri 1, 2019, many existing policies – customers’ current products – would have been categorized into the new product tiers (though some health funds won’t have applied the full transition until April 2020.)
This means that features and benefits could have changed overnight. If customers haven’t received any correspondence, it could be a good idea to get in contact with their providers and find out more.

*https://www.ato.gov.au/individuals/medicare-levy/medicare-levy-surcharge/
**https://www.ato.gov.au/Individuals/Medicare-levy/Private-health-insurance-rebate/Lifetime-health-cover/
***https://finance.nine.com.au/personal-finance/health-insurance-lifetime-health-cover-loading-risks-premium-research-compare-the-market/cc6eb710-510f-4b78-ad96-4fbbe221f80f

Get Started Now:

Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

Select Your Life Stage and Compare Now!

Select Your Age and Compare Now!