Choose a level of cover that is right for you.
If you're young and single and choosing a private 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 hospital cover?
That's because under the Government's Lifetime Health Cover program, you're rewarded for taking out private health insurance earlier in life, and maintaining your cover. If you take out private 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 cover 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 $90,000 (current threshold as at 1 July 2014) and you don't have hospital cover, you'd be paying an extra 1%-1.5% tax in the form of the Medicare Levy Surcharge. That's on top of the 2% 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 not sick.
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 and healthy.
Best of all, Extras cover costs only a fraction of hospital cover, so compare your options today and see how you can benefit.
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 down.
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 like:
- hospital accommodation at a private or public hospital
- doctors' fees
- theatre costs
- shorter waiting times
Compare single health insurance policies with Choosi
Choosi lets you compare a range of singles health insurance products, so that you can get the best value cover for your needs. Get a quote in minutes!
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.