What should couples look for when taking out cheap private health insurance?
Having private health insurance can be a good idea for young couples. With private health insurance, you'll have the peace of mind of knowing you're covered for planned hospital visits. Having coverage for common extras such as optical and dental helps you take care of essential needs when they arise, plus the bonus of paying less for physio and remedial massage visits!
Top picks for couples
Accident Only Hospital (Basic) & Easy Extras
- Dental
- Physiotherapy
- Remedial Massage
- 100% back on Optical
- Emergency Ambulance Cover
- Upgraded cover in the event of an accident
Bronze Plus Hospital (Bronze+) & Everyday Extras
- Major Dental
- 100% back on Optical
- Health Maintenance
- Emergency Ambulance Cover
- Back, neck and spine
- Lung & Chest
Silver Hospital (Silver) & More Extras
- Major Dental & Orthodontics
- 100% back on Optical
- Health Maintenance
- Podiatry
- Emergency Ambulance Cover
- Heart and vascular system
- Implantation of hearing devices
* The price shown is per week and applies to a Couple, aged 30, living in VIC. It excludes LHC loading and includes a Base Tier Government Rebate
| Extras services (when included on cover) |
|---|
| All extras benefits except as specified below. Waiting Period: 2 Months |
| Optical, home and domestic aids and medical aids. Waiting Period: 6 months |
| Major dental services (including full & partial dentures, orthodontics, crown & bridgework, endodontic services such as root canal, gold fillings, indirect restorations, surgical extractions of a tooth/teeth including wisdom teeth). Waiting Period: 12 Months |
| Health appliances including nebuliser pump, blood glucose monitor, pressure garments, sleep apnoea monitor, extremity pump, hearing aids, orthopaedic appliances (GMHBA approved), prostheses (GMHBA approved non-surgical), tens monitor, podiatry surgical procedures and orthotic appliances (foot). Waiting Period: 12 Months |
| Hospital services (when included on cover) |
|---|
| Accidents - bodily injuries resulting from accidents which occur after the date of joining GMHBA or upgrading to a higher cover. Waiting Period: No |
| Obstetrics and maternity. Waiting Period: 12 months |
| Pre-existing ailment, illness or condition (other than psychiatric, rehabilitation and palliative care). Waiting Period: 12 months |
| Any other benefit for hospital (or hospital substitution) treatment. Waiting Period: 2 months |
A pre-existing condition is one where signs or symptoms of your ailment, illness or condition, in the opinion of a medical practitioner appointed by GMHBA (not your own doctor), existed at any time during the six months preceding the day on which you purchased your hospital insurance or upgraded to a higher level of hospital cover and/or benefit entitlement.
A special waiting period applies to obtain benefits for hospital treatment for new members who have pre-existing conditions. The waiting period also applies to existing members who have recently upgraded their level of hospital cover. If the ailment, illness or condition is considered pre-existing:
New members
New members must wait 12 months for any hospital benefits (other than psychiatric, rehabilitation and palliative care).
Existing members (transferring or upgrading)
Members transferring/upgrading to a higher hospital cover must wait 12 months to get the higher hospital benefits (other than psychiatric, rehabilitation and palliative care).
Existing members (with at least 12 months membership)
Existing members with at least 12 months membership in total across their old and new cover are entitled to the lower benefits on their old cover.
Silver Hospital cover provides the same single room coverage as Gold Hospital, but co-payments of $100 per day up to a maximum of $700 per admission apply. Co-payments are not the same as hospital excess. Please note: Some private hospitals only have single rooms and co-payments will apply.
Co-payments do not apply.
Understanding the basics: hospital and extras cover
When it comes to health cover, whether it's cheap or comprehensive, there are two components to consider: hospital cover and extras cover. Hospital cover pays benefits towards things like accommodation costs, doctors' fees, theatre expenses, and medical treatments. Extras cover provides insurance for services like optical, dental, physiotherapy, and more. The level of cover you choose will determine the benefits you're entitled to.
The importance of the right hospital cover
Imagine finding yourself in the hospital for any reason. Having the right level of hospital cover allows you to focus on what matters: taking care of yourself and your partner. With private hospital cover, you can skip the worry of waiting lists and potentially not be scrambling for extra funds at the worst possible time.
Avoiding Lifetime Health Cover (LHC) loading
If you're approaching 31 now is the time to take advantage of private health insurance and secure the lowest base rate premium under the government's Lifetime Health Cover program. Each year after 30, the government applies a 2% loading if you don't have private cover. By going with even the cheapest hospital insurance policy, you can avoid the lifetime health cover penalty. If you choose to take up hospital cover later in life (yes, that’s over 31!), the Lifetime Health Cover loading will apply to your policy for a continuous period of 10 years. Learn more here.
Maximize your savings by avoiding the Medicare Levy Surcharge and Rebates
For couples, the current Medicare Levy threshold is $186,000. If your combined income exceeds this amount and you don't have hospital cover, you'll face an additional tax through the Medicare Levy Surcharge, ranging from 1% to 1.5%. Opting for a cheap health insurance policy may mean you're out-of-pocket, but the amount will likely be smaller than paying the extra tax. Learn more here.
Don't forget the Australian Government Rebate, which could reduce the cost of your health cover. The rebate amount depends on your annual pre-tax income and the age of the oldest member on the policy. Learn more here.
Plan ahead for starting a family
If you're planning to start a family, keep in mind that most health funds impose a 12-month waiting period before you can access the full benefits. Waiting until you're already pregnant to search for appropriate cover won't help. By starting your search ahead of time, you'll be able to complete the waiting period and access the full benefits when you need them.
At Frank Health Insurance, we offer a range of health insurance policies made to meet your needs and budget. We make sure you're not paying for unnecessary cover or lacking coverage for the services you’ll likely use. Let us help you choose the right cover that suits you best. Get a quote.
Ready to discover your perfect health insurance? Contact us today!
Get extras cover and save 15% - 40%* off dental treatments with smile.com.au
*Savings may vary between dentists. It is recommended that members obtain a quote prior to treatment.
