Health Insurance Benefits

We’re often guilty of not taking care

Simple steps like having health insurance can make all the difference when a family member becomes unwell. Poor health is already a stressful time for you and your family, so any financial strain can amplify this.
Not only does access to health insurance provide peace of mind when you or a family member is sick, it can also provide access to preventative measures, such as general dental and remedial massage, to assist in maintaining good health.

You may actually save money by opting for health insurance. If you are single with an income above the threshold of $90,000, you will be charged the Medicare levy surcharge if you do not have private health insurance.

In addition, for every year after you turn 31 that you do not have private insurance, you will be charged an annual percentage loading premium. The amount of a person’s lifetime healthcare cover (LHC) loading is determined by the number of years they are over 30 years old at the time they take out hospital cover. Each year will attract an extra 2% to their hospital cover premium. For example, if you wait until you are 40 years old, you could pay an extra 20% on the cost of your hospital cover. If you wait until you are 50 years old, you could pay 40% more. The maximum LHC loading that can be applied is 70%.

Since 1 July 2013, the government has not payed the private health insurance (PHI) rebate on LHC loading applied to the costs of a policy.

All very good reasons it’s worth thinking about health insurance before you turn 31.