One of the more bewildering aspects of being an adult is figuring out what type of insurances you need.
Private health insurance is a particularly difficult beast to tackle because governments have deliberately designed a complex array of “stick and carrot” incentives to try to force younger people into the system, to pay the premiums needed to cover the higher claim costs of older Australians. A higher surcharge of 1.25 per cent starts for singles at $105,001 and $210,001 for families; and a 1.5 per cent surcharge rate applies to singles earning $140,001 and above and families earning more than $280,001.
If our single earning $110,000 does this, not only are they effectively getting the insurance for “free”, they are also saving a couple of hundred dollars in tax – no brainer. Most accidents and emergencies are treated in the public system anyway. If, however, you particularly value a choice of doctor, hospital or the ability to bypass waiting lists for elective surgery procedures, you might consider private health insurance coverage for that.
Also, be careful with the hype around the “Lifetime Health Cover” loading. This kicks in at an extra 2 per cent added to your premium for every year after age 30 you wait to take out coverage.
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