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

Saving money on health cover this financial year starts today.

The new financial year is underway, and it’s time to sit down and take action on your health insurance. The decisions you make now could affect your finances for years to come, so the sooner you start the more you could save. Here are two questions to consider when assessing your health cover.

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.

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’re in the clear for the Medicare Levy Surcharge (MLS). If the answer is yes, you could benefit from getting affordable hospital coverage as soon as possible. Otherwise, you’ll be hit with a 1.5 percent tax on your income. The fee could be similar to the cost of a yearly health insurance premium, so getting covered now could have dual benefits: you’d reduce your tax liability and get valuable coverage.

You’re exempt from the MLS for every day that you have eligible cover, so it’s better to act quickly. Compare plans now with HealthInsuranceComparison.com.au to find a great deal that offers value for money.

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

If so, not having hospital cover could cost you a significant amount of money in the years to come. When you eventually do purchase private cover, a 2% Lifetime Health Cover (LHC) loading fee is applied to your premium for every year after the age of 30 when you didn’t have coverage.

The fee is capped at 70 percent, meaning that someone who buys health insurance for the first time at the age of 65 would pay a 70 percent LHC fee on their premium. That would turn a $1000 annual premium into $1700, at an age when many people are thinking about financing retirement.

A recent survey showed that more than two out of three Aussies paying the LHC loading wish they hadn’t waited so long to purchase private cover.* Don’t set yourself up for regret; compare health funds today to minimise or avoid your Lifetime Health Cover loading fee.

Whether you’re buying private health cover for the first time or looking for a better deal, compare policies with HealthInsuranceComparison.com.au. You’ll get expert advice on choosing a policy, saving you time and money both today and down the track.

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.

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