There are many reasons why having private health insurance is a good idea for couples across Australia. Being covered for common extras like optical and dental will ensure you can take care of the basics when you need to, and there’s the bonus of not having to wait through public hospital waiting lists that comes as a massive relief if either of you get into a bind.
We can think of a ‘couple’ of seriously compelling reasons why all couples around the country should think about this type of cover.
As a young couple, you may not consider health insurance a huge priority, but it represents a great opportunity at your age. For one, neither of you have to pay certain penalties on your premiums until you’re over the age of 30 (see below), so now’s a great time to secure low cost coverage and claim on the things that matter to you. Get an extras policy and fix those teeth! Have an old high school injury from playing football? Utilise your cover and go see a physio.
Taking out health insurance between the two of you can also be a great way to streamline your bills, so compare policies using our website to see if you can find a great value fund.
If either of you are approaching your thirties, it’s time to lock down the lowest base rate premium under the government’s Lifetime Health Cover program. With each year following July 1st after your 31st birthday, the government increases your health insurance premium by 2%, if you don’t have private hospital cover.
This means if you were to jump into private health insurance at the age of 40, you’d pay a whopping 20% extra!
When you take out an insurance policy, LHC calculations are averaged between the two of you. For example, if you have 20% loading, and your partner has a 0% loading, your policy should have a 10% loading. So if one of you missed the boat, so to speak, it’s not too late to save!
If you’re worried about the cost, you can always take out a policy with only the features the two of you will need. Speaking of features you may need…
If you decide to start a family with your partner, then it’s an ideal time to consider health insurance. Why? Because you aren’t covered for obstetrics (healthcare services related to childbirth) or assisted reproduction services (e.g. IVF) through the private system until you sit through a waiting period of 12 months. If you want to have your child in a private room, in a private hospital, using an obstetrician you select, consider cover well before conceiving.
As you both age, health insurance becomes absolutely critical. If either of you find yourself in hospital for whatever reason, having the right level of hospital cover will allow you to focus on the important things like taking care of yourself or your partner, instead of worrying about waiting lists, or having to come up with extra funds at a bad time.
