A significant number of health insurance ads tell you all the ways health insurance benefits your family. But what if you’re single? Here’s the ultimate guide to health insurance. Just for you.
Base it on Your Lifestyle
Are you a healthy single adult? Odds are that your best choice is hospitals only coverage to cover the steep bill if you land in the hospital after an accident. Extras only cover is a good choice if you’re already visiting medical specialists, are a single parent or want incentives to invest in your health. If you’re already dealing with dental problems or Type 1 diabetes, combined cover is perfect for you. Singles cover is also spot on if you’re hitting 25 and no longer covered by a parent’s health insurance.
Consider What You Can’t Live without
There isn’t just one policy out there for private health insurance. There are heaps. Hospital coverage comes with various levels. In general, the more the insurance company covers, the higher your premiums. The same goes for extras. A health insurance policy that covers massage therapy, acupuncture and every little service will cost more than one that pays for a couple of extra physical therapy sessions after you get out of the hospital.
Determine what “extras” or policy coverage levels you can’t live without. For example, if you only have a thousand-dollar emergency fund, you can’t deal with a health insurance policy that leaves you with a three-thousand-dollar medical bill. If you have a large emergency fund, then the lower monthly premiums are acceptable. Compare all the different policies on iselect and find one that works for you.
Recognise the Benefits of Buying Health Insurance Now
Relatively few individuals earn enough money to be hit with the Medicare surcharge. However, everyone will pay more for health insurance if they wait until after they’re 30 to buy health insurance.
This means that buying health insurance before you hit 31 will save you money on health insurance premiums later on. It will also allow you to get preventative screenings and treat issues early. Note that insurance policies will base their premiums on your chronic medications and current health, so that alone may push you to lose a few kilos or increase your fitness level.
The 2 percent penalty for every year you delay getting health insurance is simply a continuation of policies rolled out in 2000 to encourage people 25 to 30 to buy private hospital insurance. The loading will be lifted once you’ve had continuous cover for at least ten years. The sooner you start the health cover, the sooner the loading will go away. And there’s the side benefit that you’ll have health cover if you finally decide to start your family.
