Everyone thinks about their health care more and more as they get older, but when you’re approaching 31, you need to start considering your Lifetime Health Cover loading. The Australian government created the initiative to encourage citizens to sign up for their hospital cover early and maintain it.
As an Australian resident, you have from July 1st following your 31st birthday to take out hospital coverage. If you don’t, the two percent Lifetime Health Cover loading can be added to your premium for every year you wait to take it out. Whether or not you should get private insurance before 31 is a personal decision, but it’s important to understand the system. Health insurance with private hospital cover can make a huge difference in your quality of care, and when you’re approaching 31, it’s time to educate yourself so you can make a decision.
The differences between being treated as a private patient and public patient are significant. While avoiding paying Lifetime Health Cover is a benefit, there’s also the fact that having private insurance just gives you peace of mind. We have no idea what’s going to happen to our health from day-to-day. There are so many causes of death (and some are trying to reduce them, like the Myocarditis Foundation and their myocarditis research, among many others) and it’s hard to feel secure when you don’t know what kind of treatment you’ll receive if something should go wrong. The cost of a top family health cover can be around $4,500 annually, so 20 percent loading would increase your yearly payment by an additional $900. For a single person, it can jump from $1,250 by an additional $250. Thinking about the future isn’t always our first instinct, but getting coverage now will save money in the future.
There are a wide variety of plans with different monthly payments that provide different degrees of coverage. You can get lower-cost coverage in case of accidents or a more comprehensive plan that will keep you protected no matter what happens. A complete plan that covers everything from ambulances to rare diseases can bring a lot of peace of mind to the average person. Knowing that whether you need an emergency room visit or just a check-up, you’ll be able to be cared for quickly and by the best medical professionals can ease a lot of personal anxiety about healthcare.
Obtaining insurance before July 1st after your 31st birthday is essential if you want to avoid paying much more down the line, but finding the right plan for you can be complicated. One easy way is to go online and compare health insurance with iSelect. Make sure you look over every different type of plan and what they cover. What plan makes sense for you will depend on what health issues you may already have, what concerns you have for the future, and how much you’ve budgeted for the expense.
Healthcare decisions are incredibly personal, and what you choose to do in regard to health insurance is up to you alone. Still, if you’re approaching 31 and debating whether or not you should consider private health insurance, there are a lot of advantages to buying in early. Lifetime Health Cover loading can increase your yearly costs for a family by up to $900 and $250 for individuals, which can be avoided completely by purchasing your private plan before you turn 31. Whether or not you choose to purchase private hospital cover depends on your needs and your budget, but the peace of mind that comes with feeling safe and protected is what many individuals and families prefer.