As we get older, private health cover becomes more important. So if you’re in your twenties, is it something you even need to think about?
When you finish school and study, you usually get your first taste of independence. Maybe you get your first full-time job, buy a car or move out of home?
There’s a lot to juggle when you’re first starting out – so it’s important to think about what protection you need.
That’s where private health cover comes in. Do you really need it – or, even better, can you still be covered by Mum and Dad?
Do I Need Private Health Cover?
Everyone’s different, right? Some of us start working earlier. Others stay at home while they study. Life’s path isn’t the same for all of us.
Whether you’re 21 or 31 there are different reasons and situations that will influence your need for private health insurance.
Let’s look at some reasons why health insurance for young singles can be important.
We’ve outlined a few for you:
- You’re active, sporty, love a good run. If your happiness depends on being fit and active, things can go awry if your out of action with an injury. If you need treatment – an operation or surgery – you can often wait months on public hospital waiting lists.
- Private health cover is about protecting your health when life’s challenges come along. If you get sick or need treatment, we know you don’t have the time to hang around waiting. That’s where good Hospital Cover comes in. If you’ve got your private health cover sorted you can get treatment quicker and choose your specialist.
- Extras Cover helps you stay well and healthy. You can use your Extras benefits to make sure your eyes and teeth remain at their best. There are also other services like remedial and Swedish massage, chiro, physio and claiming back some of your annual gym membership that make your cover worth it.
Am I Still Covered By My Parents?
There’s not a one size fits all approach to private health insurance for young adults.
However, if you’ve always been covered as part of your parent’s policy, it may be easier to remain covered – especially if they’re with rt health.
rt health can help with your health insurance under 30.
We’ve made it easier for rt health members (and their kids) to stay covered for longer.
We’re now offering cover to adult dependants – whether they’re students or working – right up until they turn 31.
Full-time students can remain covered for free and working kids can remain covered for an additional premium (less than the amount they’d pay for an equivalent single person cover).
You can learn more about it (there’s even an explainer video) here.
Even if Mum and Dad aren’t with rt health and you’re in the market for health cover (or even if you just have a few questions), we’ll take the time to assess your needs to get the cover that’s right for you.
Do I Need Health Insurance Under 30?
One question we always get from younger people is: “When do I need to look into private health cover?”
Check in with your parents to see if you’re still covered by their policy (each fund will have a different age for dependents).
If you are, and you’re still living at home, it makes sense to stay on your parents’ policy until it’s time to get your own cover.
If you’re not lucky enough to be covered by Mum and Dad, your mid 20s will possibly be the time you first consider private health cover.
Maintaining your private health cover makes sense. It’s probably something you’ve taken for granted and never really thought about.
Should I Also Get Extras Cover?
When you’re young and single, you may not think you need health insurance at all.
However, your young adult years are also when you establish good health habits alongside your independence.
Extras cover helps maintain good general health and wellbeing – like all those trips to the dentist and optometrist. Access to benefits for physio, chiro and remedial massage come in handy too.
Our claims data shows that young singles most frequently use their Extras Cover for alternative therapies, physiotherapy and general dental.
Alternative therapies include acupuncture, Swedish massage, remedial massage, exercise physiology, Chinese medicine and myotherapy.
So, depending on how much you use these services and if you’re interested in being proactive about your health and wellbeing, any of our Extras covers would suit.
How Do I Pick the Best Health Insurance for Me?
There are a few things to keep in mind when looking for private health cover. We’ve listed a few below that apply when thinking of health insurance for young singles.
- Budget: Cheap health insurance for young adults may be a starting point. If you’re just starting out you may like to start with a lower level of cover – but it’s worth doing your research. Cheap doesn’t always mean best when it comes to your cover. Just remember, we’re here to talk you through your options.
- Your health needs: You may need to consider your health needs to make the best decision when it comes to your health insurance. If you’re used to having regular dental, optical and chiro/physio appointments, it makes sense to maintain these good habits.
- Health and wellbeing: Extras Cover provides opportunity to focus on your health and wellbeing. And, if you already wear glasses it makes sense to remain covered if you can. Our Extras covers also pay a benefit for gym membership (as long as you have a letter from your doctor and the gym is a member of AUSactive), so it’s worth considering the investment you make in your health.
- Peace of mind: Hospital Cover provides peace of mind, knowing you’ll be covered if the unexpected happens. With waiting lists in public hospitals getting longer, it’s always good to know you have private cover if and when you need it.
Incentives and Rebates
Aside from the peace of mind and security that comes with increased choice and quicker access to healthcare, there are some incentives and rebates to be aware of when it comes to making the decision to take out private health cover.
There are three main incentives or rebates that may impact you:
- Medicare Levy Surcharge (MLS)
- Lifetime Health Cover loading (LHC)
- Australian Government Rebate on private health insurance.
These don’t apply to everyone, so we’ve put together some information to explain each. Take a look here to find out more.
There are a lot of specific rules that might impact your personal situation and we recommend you review the ATO website carefully (or check in with your accountant) to see what’s best for you.
Get a Quote today
Our expert team understands everything you need to consider before choosing who to trust with your private health insurance. Our consultants will spend as much time as you need to help you to understand what the best cover is for you.
With just a few simple questions, we can get a picture of the type of cover you need.
Give us a call on 1800 886 123 or reach out via email to join@rthealthfund.com.au