Health Insurance for Singles
Choose a level of cover that is right for
you. If you're young and single and choosing a health
insurance plan for yourself, it's a pretty straightforward
matter of looking at your lifestyle and budget, and
selecting a health plan that's right for you.
At Choosi, we've put together five tips for singles to consider
before taking out health insurance, to help you find the best plan
to suit you.
1. Start early and lock in the lowest rate for life
Did you know that by taking out health insurance before the age
of 30, you can lock in the lowest health
insurance base rate premium for as long as you continue to hold
That's because under the Government's Lifetime
Health Cover program, you're rewarded for taking out health
insurance earlier in life, and maintaining your private health cover.
If you take out health insurance after the age of 30, you'll be hit
with an age loading of 2% for each year you delay. For example, if
you take out health insurance at age 35, you'll pay 10% extra.
You have until 1 July following your 31st birthday to lock in
the lowest base rate premium, so don't delay.
2. Stop paying extra tax
If you're a single person earning over $80,000 (current
threshold for the 2011-2012 financial year) and you don't have hospital
cover, you're already paying an extra 1% tax in the form of the
Medicare Levy Surcharge. That's on top of the 1.5% you already pay
for the Medicare Levy.
Stop paying extra tax! Taking out hospital cover exempts you
from the Medicare Levy Surcharge,
provided you choose an excess no greater than $500, and you could
even find a modest basic hospital cover that'll cost you less than
the tax you're paying now.
3. Benefit even when you're not sick
Hospital cover is necessary to lock in low rates with Lifetime
Health Cover and avoid the Medicare Levy Surcharge, but Extras
cover can provide benefits you'll actually use even when you're
With Extras cover, you can get benefits for a range of
ancillary services like dental, physio, optical, naturopathy,
remedial massage and more - services you use regularly to keep fit
Best of all, Extras cover costs only a fraction of hospital
cover, so compare your options today and see how you can
4. Save money on health insurance
One of the best ways to save money on health
insurance is to select a policy that suits your lifestyle and
doesn't cover things you don't need, like hip joint replacement or
cataract surgery. Fortunately for singles, most health
funds have a tailored policy just for you - a health plan that
covers the things you'll most likely need, but cuts out all the
things you can save for when you're older, to keep your costs
5. Peace of mind
Not only can health insurance save you from paying extra tax, it
also gives you peace of mind. You can rest assured knowing that
even if the worst should happen and you require hospital treatment
or even surgery, your health fund will cover the costs of any
procedure that you're covered for. Health insurance covers things
- hospital accommodation at a private or public hospital
- doctors' fees
- theatre costs
- shorter waiting times
You can start benefitting from health insurance immediately -
compare your options today and find the health plan that's right
These articles are provided as reference material to allow more informed decision making, but are not intended as being a complete source of information on any topic. All readers should make their own independent analysis on the topic to make sure they have considered the aspects that are important to them.
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