I'm single – help me choose health insuranceSingles health insurance is the easiest to choose because the only needs you need to consider are your own. Taking out singles health insurance means:
If you get in early enough, under the Government's Lifetime Health Cover scheme, you can lock in the lowest health insurance premium rate for life. To do this, you'll need to take out health insurance (hospital cover) by 1 July following your 31st birthday. For those who take out Hospital Cover after that age, a 2% age loading is added to the premium for each year above the age of 30 without hospital cover. Lifetime Health Cover is applicable for all Australians, so it pays to take out hospital cover early in life, and to keep it. Read more about Lifetime Health Cover
If you're earning $80,000+ per annum and don't have health insurance (hospital cover), then you're paying extra tax that you can avoid. The Medicare Levy Surcharge is an extra 1% tax that kicks in for singles earning over the threshold income (currently $80,000 for the 2011-2012 financial year), but taking out hospital cover will exempt you from the Medicare Levy Surcharge, as long as your Excess/Co-payment is below $500. Why pay more tax when you can use that money to pay for private health insurance instead? Avoid the Medicare Levy Surcharge and get health cover for those accidents, injuries and unexpected medical needs that can come up in life. Read more about the Medicare Levy Surcharge
With private health insurance, you can make sure that you're covered for those unexpected emergencies that can – and do – arise in life. Being young and fit can't exempt you from things like sporting injuries, gallstones, appendicitis or road accidents. Private health insurance covers you for:
To receive full cover for specific procedures (eg. cardiac, if you have a history of heart disease in your family), simply select 'Choose my own hospital cover' in the moneytime search option, and pick and choose the features you want cover for.
Taking out Extras Cover in conjunction with your hospital cover means you'll get great benefits on a range of non-hospital services that you'll definitely claim on, like dental, optical, physio, chiro and remedial massage. Some health funds even offer a rebate on gym membership, so you get great benefits from your health fund without being sick. With regular visits to the physio, dentist, optometrist etc, you can recoup the cost of your premium so you're not out of pocket and stay in tip top shape.
Another major benefit of health insurance, and not to be underestimated, is the peace of mind it brings. Just consider how much you risk when you don't have health insurance. If you're involved in an accident or suffer an unexpected illness, the public health care route could see you placed at the end of a long waiting list, and the private health care route (without private health insurance) could see you facing a massive medical bill. Don't risk financial disaster to save a few bucks. Take your health into your own hands and compare health insurance today and start benefitting straight away.
Most health funds have put together health insurance policies that are specifically tailored for budget-conscious singles. These generally exclude things like obstetrics cover, hip replacements and other things you most likely won't need, in exchange for a cheaper health insurance premium. Because you are less likely to incur hospitalisation expenses, the hospital component of your cover may be basic but sufficient, while the extras would include things you're likely use, like dental, physio and remedial massage.
When you search for health insurance with moneytime, it's easy to find a health insurance policy that fits your lifestyle and budget. If you select Basic Hospital Cover, your results will show health insurance policies that cover public hospitals only (admitted as a private patient) as well as those that offer a basic level of cover at private hospitals. This is often perfect for young singles who are looking for a cheap health cover to avoid the Medicare Levy Surcharge and provide a reasonable amount of 'just in case' cover. Otherwise, you can choose the Private Hospital Cover option, which will give you cover at any private hospital your health fund has an agreement with.
To get an even better deal on a great health insurance policy, you can choose an excess or co-payment option, which offers a cheaper up-front health insurance premium by agreeing to an out-of-pocket expense if you are admitted to hospital. The higher the excess or co-payment, the cheaper your health insurance premium. You can determine the reasonable risk while still being protected in case of a medical emergency.
With moneytime.com.au, you can see the different excess/co-payment options for each health insurance policy available on the website at a glance. By clicking different options, the premium will change right before your eyes, so you know exactly what sort of deal you're getting.
See a case study of a single person who saved over $465 a year by using moneytime.
