What Should Couples Look For When Taking Out Cheap Private Health Insurance?

There are many reasons why having private health insurance is a good idea for young couples. Private health insurance will give you the peace of mind knowing that you are covered for things you expect to go to hospital for, like having a baby or treating a medical condition. Being covered for common extras like optical and dental will ensure you can take care of the basics when you need to. Also the bonus of having to pay less for physio and remedial massage visits can also be a welcome relief when you need it.

* The price shown is per week and applies to a {LIFESTAGE} living in VIC. It excludes LHC loading and includes a Base Tier Government Rebate

There are two basic components to consider when it comes to health cover (even cheap health insurance) – hospital cover and extras cover. With most health care funds hospital cover takes care of accommodation costs, doctors' fees, theatre and medical expenses. Extras cover, on the other hand, provides insurance for services such as optical, dental, physiotherapy and more. The benefits you are entitled to will depend on the level of cover you choose.

If you find yourself in hospital for whatever reason having the right level of hospital cover will allow you to focus on the important things like taking care of yourself and your partner, instead of worrying about waiting lists, or having to come up with extra funds at a bad time.

It is also important to note that if you are approaching 30, now is the time to take advantage of private health insurance and lock down the lowest base rate premium under the government's Lifetime Health Cover program. With each passing year after 30, the government increases the loading by 2% if you don't have private cover. So even by having the cheapest health insurance policy you can help stop your premiums going up by 2% due to the lifetime health cover penalty even if you choose to upgrade you cover later in life (lifetime health cover will apply to your policy for 10 continuous years).

The current Medicare Levy threshold for couples is $180,000. That means if your combine incomes are over $180,000 and you do not have hospital cover you will be charge between 1% to 1.5% in extra tax from the Medicare Levy Surcharge. Often this means that having a cheap health insurance policy means you're out-of-pocket but a smaller amount than paying the additional tax!

The Federal Government Rebate for health insurance can also help reduce your cost of health cover substantially. The level of rebate you receive will be dependent on your annual pre-tax income and the age of the oldest member on the health insurance policy.

If you are planning to start a family bear in mind that most health funds impose a 12 month waiting period before you can access the benefits so it's no good waiting until you're pregnant before you look for appropriate cover. If you start your search some time before you think you will need the cover, there is a good chance that you will have already served out your waiting period and will be able to access the full benefits.

At Frank Health Insurance there are many health insurance policies you can choose from to suit your needs and budget. We make sure you are not paying too much for cover you do not need or do not have enough cover on the services you frequently use. We will help you choose the right cover for you.

Get one month free plus skip 2 & 6 month waits on extras when joining on combined cover by June 30*

*For new members joining direct via web or call center on combined hospital and extras cover. 12 month waits, annual and sub limits apply. Extras claims made with a previous fund are included in your annual limit. Must not have been a member within last 12 months. Must pay first month to receive one month free. Not available on Frank OVHC or in conjunction with any other offer. Ends 30 June 2022.