Just married. Do we need couples’ private health cover?

Just got hitched? You might be wondering whether switching to a couples private health policy is right for you. Well, the good news is, there’s no hard and fast rule that says married couples have to switch to a joint private health insurance policy. Ultimately, the decision is up to you and your spouse, and it will depend on your specific situation.

One of the advantages of opting for a couples private health policy is that it can potentially lower the overall cost of your private health insurance premium compared to having two separate single policies. 

Here are some benefits of couples’ private health insurance to consider:

  1. Lower overall cost: Couples policies may come with lower premiums compared to two individual policies. More convenient, as you’ll only have one policy to pay, and managing just one account will definitely simplify things.
  2. Flexibility: Some private health insurers offer the flexibility to choose a policy with a combined annual limit. This allows each partner to select the extras services that suit their individual needs. For example, one partner could choose to spend more on optical while the other opts to spend more on dental care.
  3. Enhanced coverage for family planning: Couples private health policies tailored towards individuals in their 20s and 30s typically offer more comprehensive coverage for family planning needs such as fertility treatments and pregnancy services.

It’s important to remember that your private health cover needs may change over time due to various factors like getting married, a long-term relationship, starting a family, health conditions, or changes in your lifestyle or life stage. These factors can greatly influence your private health insurance requirements.

For example, if you’re at the stage of planning a family, comparing private health insurance options becomes really important. There are numerous options available when it comes to pregnancy and starting a family. It’s worth noting that pregnancy, birthing, and reproductive services like IVF typically fall under top-tier Gold hospital cover. Some private health insurers may also offer specific Silver Plus policies tailored for couples looking to start a family.

It’s important to keep in mind the waiting periods that come with obstetric services such as pregnancy, birthing, and IVF; they usually have 12-month waiting periods. So, if you want to take advantage of the benefits offered by top-tier cover, it’s essential to take out a policy well ahead of time before you start to try for a baby.

Does couples’ private health cover provide double access to extras treatments?

The answer is no. Usually, when it comes to an extras policy, claim limits still apply per person but some private health providers allow couples to combine their extras annual limits. It’s worth checking with your private health fund if they offer this option. 

Before deciding on a joint private health policy once married, it’s important to ask yourselves these five questions:

What kind of coverage do we need?

1. Even though you’re now married, it’s a good idea to consider your individual health needs and the level of coverage that suits you both best. Take a look at options such as Gold, Silver, Bronze, or Basic levels of hospital cover, ambulance cover, extras cover, or a combined hospital and extras policy. 

What are your partner’s requirements?

2. It’s essential to understand your partner’s health needs as well. Do their requirements align with yours, or would both of you benefit from different types of coverage?

Will your health needs change in the future?

3. Keep in mind that all hospital policies have waiting periods of up to 12 months, and some extras policies may have even longer waiting periods. Consider this if you anticipate changes in your or your partner’s health needs. 

Are either of you subject to LHC loading?

4. If either of you obtained a hospital policy after your 31st birthday and on or after July 1, you’ll need to pay the government’s LHC loading in addition to your hospital policy premiums. This loading fee increases by two percent for each year you didn’t have hospital cover. For a couples hospital policy, the applicable LHC loading will be averaged out between the two of you and added to your premiums. 

Are either of you eligible for the age-based discount?

5. The age-based discount offers premium discounts on certain hospital policies if you take out health insurance before turning 29. On a couples policy, the discount is averaged between both individuals. So, if you qualify for a 10% age-based discount on a singles policy but your partner doesn’t, a couples policy would receive a 5% discount, averaged between the two of you.

As you build a future together, making sure your private health cover aligns with your new life stage and individual needs will give you peace of mind. Find the policy that’s right for you and get the most out of your coverage today by comparing private health plans.

Call our friendly team today on 1300 861 413 or email hello@health.compare

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How to reduce your tax with Private Health Cover

Have you ever wondered how you could lower your taxes just by signing up for private health insurance? In Australia, we have something called the Medicare levy surcharge (MLS), which is a tax implemented by the Government to encourage people to use private hospitals alongside Medicare. This tax applies to individuals and families with higher incomes who don’t have eligible private hospital coverage. Its purpose is to ease the strain on the Medicare system by directing the funds collected back into it.

So, how does the Medicare levy surcharge actually work? 

It’s pretty straightforward. The tax is calculated as a percentage of your taxable income, total reportable fringe benefits, and any amount for which family trust distribution tax has been paid. Once you hit the means testing amount you start paying the MLS. At the low end of the MLS you will pay 1% and 1.5% at the top end. For more information click here.

Now, let’s talk about the private health rebate

The private health insurance (PHI) is a Government assisted rebate amount provided to assist with the cost of your private health insurance premiums. This rebate is subject to income testing, meaning your eligibility for it depends on your income for surcharge purposes. As a higher income earner, your entitlement to the rebate may be less or you may not be entitled to a rebate at all.

You might be wondering how the private health rebate can help you with your tax. 

Well, if you qualify for the rebate, there are two ways to claim it. Firstly, you can have your private health insurance provider apply the rebate directly to reduce your premiums. Alternatively, you can claim the rebate as a refundable tax offset when you lodge your tax return. 

So, by having eligible private health cover, you not only benefit from the private health rebate, you may potentially avoid paying the Medicare levy surcharge, which can reduce your tax liability. It’s a win-win situation where you can take care of your health and save on your taxes at the same time.

To compare private health insurance – Call us on 1300 861 413 or email hello@health.compare

Useful links

Private health insurance rebate eligibility – Find out if you are eligible for the private health insurance rebate and how you can claim the rebate

Medicare levy surcharge income, thresholds and rates – Based on your income for MLS purposes, you can work out which income threshold and MLS rates apply to you.

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The Essential Guide to Private Health Cover for Singles

As a single person, your private health coverage requirements may differ from those of a couple, single parent, or family. That’s why it might be beneficial for you to consider a singles policy that is specifically tailored to your current stage of life, overall health, income, and personal preferences. When it comes to safeguarding your health and well-being, having private health cover as a single is a wise choice.

For singles navigating the world of private health insurance, understanding the ins and outs of various plans can be overwhelming. In this post, we’ll explore the key aspects of private health coverage for singles, explain its importance, and provide useful insights to help you make an informed decision. Whether you’re a young professional, a self-employed individual, or simply someone looking for comprehensive private healthcare options, this guide will equip you with the knowledge you need to find the perfect policy.

What exactly is singles private health cover?
It’s a policy designed to cover the private healthcare needs of a single individual. Unlike couples or family policies that provide coverage for multiple individuals, a singles policy focuses solely on one person.

The key advantage of a singles private health insurance policy is the ability to customise it according to your specific needs. Unlike couples or family private health plans, where everyone is covered for the same set of benefits, a singles policy can be personalised based on your unique requirements. If you are part of a couple, you also have the option to consider obtaining two separate singles policies. This allows each of you to tailor the policy to your individual needs and desired level of coverage.

By opting for a singles private health policy, you can have peace of mind knowing that your healthcare needs are adequately covered. Whether you’re looking for comprehensive coverage or have specific medical concerns, a singles policy can be tailored to suit your preferences and provide the necessary protection for your well-being.

Understanding Private Health Coverage for Singles:
Private health coverage for singles offers additional benefits and services beyond what is provided by our public health system. For singles, it provides tailored coverage, flexibility, and a higher level of control over your healthcare choices. Here are some essential aspects to consider:

⦁ Comprehensive Coverage: Private health cover offers a wide range of benefits that go beyond what is typically provided by our current public health system. These policies often include coverage for hospital stays, surgeries, prescription medications, and preventive care.
⦁ Faster Access to Healthcare: With private health cover, you can typically avoid long wait times for medical treatments and consultations. This means you’ll receive prompt attention and care when you need it the most.
⦁ Choice of Healthcare Providers: Private health insurance cover grants you the freedom to choose your preferred healthcare providers, including doctors, specialists, and hospitals. This flexibility ensures you receive care from professionals you trust.
⦁ Additional Services: Many private health plans offer additional extras services such as dental care, eye care, mental health support, and alternative therapies. These extras will enhance your overall well-being and provide a comprehensive healthcare solution tailored to your needs.
What are the different types of singles private health insurance policies?
There are three different types of private health insurance:
⦁ hospital cover,
extras cover and
⦁ combined hospital and extras cover.

What do the different types of private health cover mean?
Hospital cover provides you with the opportunity to receive medical treatment as a private patient in either a private or public hospital. With hospital cover, you typically have the freedom to choose your own doctor. It also helps in managing some of the medical expenses incurred during your hospital stay.

Hospital policies are categorised into four main tiers: Gold, Silver, Bronze, and Basic.

Each tier ensures a minimum standard of treatments. Additionally, Silver, Bronze, and Basic tier policies may offer a “Plus” option that provides extra coverage beyond the minimum standard.

On the other hand, extras cover assists in covering you for the costs of various health services that fall outside of hospital treatment. These services can include dental care, chiropractic treatments, physiotherapy sessions, and optical needs like glasses and contact lenses. Unlike hospital cover, extras policies are not bound by the tier requirements. Instead, the coverage provided by extras policies depends on the specific policy and provider you choose.

Why is private health cover so important?
Private health cover is incredibly important for several reasons. Firstly, it offers individuals greater control and choice over their healthcare. With private health cover, people have access to a wide network of healthcare providers, allowing them to select the doctors, specialists, and hospitals that best meet their needs.

Additionally, it provides financial security when it comes to your health and wellbeing by covering the cost of expensive medical procedures, medications and treatments that may not be covered by the public healthcare system.

Explore your options
Ultimately, private health cover offers peace of mind, knowing healthcare is readily available. Talk to our friendly staff today to discuss your singles private health cover options. They will assist you in comparing private health insurance policies that best suit your situation and stage of life.

Call us on 1300 861 413 or email hello@health.compare

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