Whether it’s exercising early in the morning, eating a healthy lunch, or stopping in at the doctor’s at the end of the day, taking care of your health is a 24/7 responsibility. However, we can help you shoulder the burden in one specific area: private health insurance.
When it’s just you working and paying the bills, it’s vital to safeguard your health as exhaustively as possible. Taking out health cover from any one of Australia’s health funds is an ideal way to do this.
So, why take out singles health insurance? Here are a few reasons.
When you’re young, you likely want just the basics! After all, younger Aussies may not have as many healthcare need as the older generations. That probably means taking out low-level singles hospital cover (just in case the unexpected arises) and maybe a few benefits from an extras policy.
Extras insurance covers treatments not subsidised by Medicare, like dental check-ups, optometry (such as prescription glasses) and physiotherapy. Because of this, it can be terrific value for money and could mean you get to enjoy the Private Health Insurance Rebate – where the government helps pay for your private cover. If you’re a high-income earner, having a singles health insurance policy means you might also avoid paying the Medicare Levy Surcharge.
Taking out private health insurance when you’re aged 18-29 also means you may be able to take advantage of the Age-Based Discount, which can be up to 10% off your premiums!
As you approach your thirties, taking out hospital cover becomes more of a priority so you can avoid the Lifetime Health Cover (LHC) Loading. If you have a hospital insurance policy by 1 July following your 31st birthday, you’ll avoid this loading. If you don’t, you’ll pay two per cent more in premiums for every year you choose not to take out cover. For example, if you take it out at age 40, you’ll pay 20% more in premiums!
When you reach middle age, you probably start to take your health more seriously, since it’s something you’ll want to protect over the long haul. Because of this, many older Australians like to take out cover that’s quite comprehensive; treatment in private hospitals is a given, but also access to the full suite of extras available through your health fund.
A report by the Australian Institute of Health and Welfare (AIHW) looked at the average waiting times for public hospital admissions for elective surgery in Australia. This is what they found:¹
| Patients | Days waited |
| 50% of patients | 40 |
| 90% of patients | 268 |
| Proportion of patients who waited more than 365 days | 1.80% |
¹Source: AIHW, Elective Surgery Waiting Times, pg 25
Sure, you may end up the exception to the rule and not need to wait anywhere near this long for your elective surgery. Also, you are seen to immediately in emergencies.
However, compared to private patients’ average wait time of 22 days for elective surgery, you might understand why this is one of the more compelling reasons singles across the country enjoy private health insurance. They can avoid public hospital waiting lists for specific procedures, and you can too with singles health insurance.
Instead of having multiple people on one policy, singles health insurance will cover one person. Singles health cover can be more tailored to the policyholder, as they may not need the same or as many benefits as family policies have.
Private health insurance is split into two products: hospital and extras cover. You can purchase either of these products on their own, or combine them into the one policy. Hospital policies pay for your treatment as a private patient in a hospital, while extras policies cover out-of-hospital treatments like dental and physiotherapy.
The cost of private health insurance for singles depends on the following factors:
That’s completely fine. Health insurance is community-rated, which means insurers cannot charge you more based on your age, occupation, gender or health conditions.
In most cases, you can still include extras and hospital benefits in your cover that relate to your conditions at no extra premium, though you’ll typically have to wait 12 months before you can claim against them.
Unlike other types of insurance (like life or car), health insurance doesn’t take your sex into account when setting your premiums. In fact, the only difference based on sex that you might find in health insurance is policy benefits, since men and women have different health care needs.
Not always; a couple might have different healthcare needs and may need to claim on a broader range of benefits. However, you and your partner may be eligible for a larger rebate from the government. It might also be easier to pay for premiums with two incomes instead of one.
You may choose to switch to a couples policy when you begin a relationship, and then to a family policy if you choose to have children. Be aware that pregnancy and birth-related services have a 12 month waiting period for coverage, so be sure to plan ahead! Policies for single-parent families are also available.
If you want to take out singles health insurance, a great way to find a good deal of premiums and benefits is by shopping around and comparing your options.
When looking for a singles health insurance policy, it’s essential to consider things like:
Luckily, you don’t have to go far to compare singles health insurance, as you can head straight over to our health insurance comparison service! Our service is fast, simple and completely free to use. Simply enter a few details about yourself and the type of coverage you want, and our service will sort through the range of policies we have on offer.
