When you receive a health insurance quote in Australia, there are different factors that affect the quote you receive.
All private health funds in Australia quote you a health insurance premium price based on several factors:
If you take out hospital cover before 1 July following your 31st birthday, you can lock in the lowest base rate premium for as long as you continue to hold health insurance (hospital cover). This is part of the Lifetime Health Cover provisions. If you take out hospital cover after that time, you may be liable to pay 2% for each year you were without hospital cover from the age of 30. Read more about Lifetime Health Cover.
If you have an age loading, but keep continuous hospital cover for 10 years, then all loadings are removed and you need only pay the base health insurance premium for as long as you continue to hold hospital cover.
Obviously, single health insurance memberships will command a lower premium than family health insurance memberships. If you have dependant children to be covered, it is worthwhile investigating what age your health fund will cover your children up to under your family health insurance membership. Most health funds will cover your child dependants up to 21 years old, and single, full-time student dependants until 25 years old. If you have older dependants you wish to cover who are not full-time students, most health funds will allow you to cover them as 'adult dependants' for a higher premium, often 25% on top of the cost of your normal health insurance premium. Simply select the status 'family with adult children' in the moneytime search criteria to receive a health insurance quote. Read more about dependant children.
If you are eligible for Medicare benefits, then you will receive the Federal Government rebate on the cost of your health insurance premium. Currently, the rebate rates are:
Read more about the health insurance rebate.
It is a good idea to get health insurance quotes from several different health funds to compare the prices and policy contents, so you get the health cover you want at a price you can afford.
moneytime offers Australia's largest choice of leading health funds where you can compare, buy and save online. Find the best health cover to match your lifestyle and budget and get instant health insurance quotes from ahm, Australian Unity, GMHBA, HBA, HCF, MBF, Mutual Community and nib - all health fund brands within the top ten in Australia.
Best of all, moneytime costs nothing to use. You receive the same prices and policies direct from the health funds to you, with no hidden costs. Start comparing health insurance today.
