At some point, your kids are going to have to go their own way and look after themselves as adults. That will inevitably mean they come off your health insurance. Does that sound like something you have to deal with? Then read on.
Things to consider removing
When you first review your health insurance, you’ll realise it’s a great opportunity to figure out what to get rid of.
- Obstetrics & birth-related services. If you’re done having kids, you absolutely should remove birth-related benefits from your policy, as they’re particularly expensive to maintain.
- Conditions your kids claimed on, but you never will. Perhaps your kids utilised orthodontics, glasses or swimming lessons when you do not. If you won’t claim on them, then remove them.
Only get covered for the things you’ll need, and you’ll pay much less in the long run.
Things to consider adding
Some of the below treatments may not be needed for years. However, you never know when these issues will pop up, and it’s better to be prepared than to wait for treatment through the public system*.
- Coverage for serious illnesses. Do you have a family history of cancer, or heart disease? If it’s something you think may affect you in the future, there’s no time like the present to get covered.
- Remedial Massage/physiotherapy. You’re fighting fit, which means you may strain the occasional muscle from time to time! An extras policy can be an affordable way to subsidise specialist treatment for remedial massages, chiropractic, physio appointments, and more.
- Knee/joint replacements. Orthopaedic surgery (including knee/hip replacements) accounted for 23% of all elective surgeries in 2015/16, but also had the highest proportion of patients who waited more than 365 days to be admitted. Do you want to sit on public waiting lists, when you could be treated faster?
- Cataracts. It’s worth noting for the future that your eyes may require periodic care. 68,000 Aussies had cataract extractions in 2015/16, which is why getting covered for this procedure could benefit you in the future.
N.B. You will still have to sit through waiting periods before being able to claim on private health insurance benefits.
What if I have a pre-existing condition?
All health insurance policies are community rated. This means that you pay the same base price for a policy as anyone else would – regardless of age, health status, etc. That being said, you may pay more due to Lifetime Health Cover loading, depending on (a) if you’re over the age of 30, and (b) have never held hospital cover before.
Perhaps it’s time you reviewed your health cover, even though it can be a daunting prospect when there are so many to choose from.
So, why not let us do the legwork? We’ll have a think about your healthcare needs, search for something suitable from hundreds of choices, and present you with the right choices.
The parents are gone? Okay. Listen up, kids
There are many reasons why you might have to leave your parents’ health fund and take out cover on your own.
One common reason for ‘jumping ship’ is your age. If you’re not a full-time student, the cut-off age for dependants on many policies is between 18 – 21 years
If, however, you are seeking higher education, you have a bit more time. With most funds a student dependant is someone who studies full-time, living at home, and under the age of 25. Following your 25th birthday, you will be ineligible to be listed as a student dependant on your parents’ health insurance policy.
Here are a few other reasons you’d come off the policy:
- Full-time employment. If you have a full-time job and have started earning a stable income, most health funds will no longer classify you as a dependant.
- Graduating. Have you finished your full time university degree/TAFE course? You will no longer be classified as a student dependant and will need to start shopping around for cover.
- Getting married. Most insurers stipulate that in order to be classified as a dependant, you must be unmarried.
At this point, you’re probably wondering if health insurance is the right product for you. We think so, especially with the Federal Government’s plans to introduce a discount for young Aussies who get hospital cover over the next few years.
We’re happy to explain why health insurance is a great value purchase.