Whether it’s exercising early in the morning or eating a healthy lunch, 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.
Here are a few reasons why single people should consider health insurance.
When you’re young, you likely want just the basics! 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. When you’re older, you can have peace of mind from health insurance knowing that you’re covered. No-one is a spring chicken forever, so the things you want coverage for and the level of health cover you want may be quite different to what you needed when you were younger.
Extras provides cover for 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 particularly when you claim the Australian Government’s 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 be able to reduce your tax bill by avoiding the Medicare Levy Surcharge.
Taking out private health insurance when you’re aged 18-29 also means you may be able to reduce costs even further with an age-based discount, which can be up to 10% off your premiums!
As you approach your thirties, taking out hospital cover should become more of a priority so you can avoid 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 2% 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 you can also get access to the full suite of extras available through your health fund.
Getting the chance to avoid public hospital waiting lists is one of the more compelling reasons why singles can enjoy private health insurance. You can avoid public hospital waiting lists for specific elective procedures too with a singles health insurance policy.
Another plus is that you’ll get a private room (if it’s available) while waiting for and recovering from your elective surgery, and you’ll generally have a choice of doctor.
Instead of having multiple people on one policy, singles health insurance will cover just one person instead. 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 one policy. Hospital policies pay for your treatment as a private patient in a hospital, while extras policies cover out-of-hospital treatments like general dental, chiropractic and physiotherapy.
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The cost of private health insurance for singles depends on the following factors:
Depending on your state, private hospital cover can pay for emergency ambulance transportation. In some states, you can subscribe directly to the state’s ambulance service or choose to cover it with private health cover. QLD and TAS residents as well as Department of Veterans’ Affairs cardholders do not need to pay for ambulance trips.
That’s completely fine. Health insurance is community-rated, which means providers 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 pre-existing conditions at no extra premium, though you’ll typically have to wait 12 months before you can claim for them.
Compare health insurance through our free comparison service today.
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 and seek different cover options.
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Not always. A couple might have different healthcare needs and one person may need to claim on a broader range of benefits. However, depending on your eligibility, you and your partner may be able to receive 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.
Compare health insurance through our free comparison service today.
If you want to take out singles health insurance, a great way to find a good deal on 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.
As General Manager of Health Insurance and Life Insurance for Compare the Market, Anthony Fleming is committed to helping Australians avoid large out-of-pocket expenses by making the system work for them. When it’s just you paying the bills, having a health insurance policy in place, can help you get back on your feet quicker after an unexpected accident.
Anthony has 17 years’ experience working in various roles across the health and general insurance industries. He’s also a Board Member of the Private Health Insurance Intermediaries Association and has appeared on Sunrise and Channel Seven News on behalf of Compare the Market.
