How much can I expect to pay for a family health insurance policy?

What are my family health insurance options?

We know health funds aren’t really that popular, but one thing they do really well is create cheap health insurance options that suit families. Family health insurance allows health funds to showcase the amount of treatments, services and benefits they have on offer, so they have an interest in making them the best they can be. That can mean good value for money for families, with the ability to mix and match different kinds of policies to give protection and peace of mind when it is needed.

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* The price shown is per week and applies to a {LIFESTAGE} living in VIC with a $500 excess. It excludes LHC loading and includes a Base Tier Government Rebate

Most funds offer three kinds of health cover – hospital, extras and bundles, and they can all have benefits for those wanting family health insurance.

Hospital cover does exactly what it sounds like it does – help you cover your costs when you are admitted to hospital. For a family, that could mean anything from accidents or emergencies to having tonsils removed, or when dad decides he can still mix it with the teenagers on the footy field.

Hospital cover can also be there for you if you decide to expand your family, or even for small things like helping you out if you want a private room or a procedure in a private hospital. Frank has four cheap health insurance options that can cover your family health insurance needs.

Extras cover is where having family health insurance can really come into its own. Extras includes cover for services and treatments you usually don’t have to go to hospital for, such as dental, physio, optical etc. Most of these treatments are not covered by Medicare, so being able to claim benefits for them is, well, a real benefit!

Extras can give your family members benefits for treatments they may need at all different stages of their lives, no matter how old they are. Frank has two extras covers with two different levels of benefits to give you both flexibility and simplicity. To make things even simpler- anything to make family life easier is always welcome – you can choose different levels of hospital and extras covers and put them together, or bundle them up into one easy package.

How do I find out what family health insurance will cost?

At Frank, we make finding cheap health insurance easy. We’ve put a few suggestions together to give you a bit of a head start in choosing the family health insurance that suits you. These options are all mid-level covers and are affordable ways to help you stay on top of your family’s health.

These suggestions include our Essentials Bundle which is a great option for young families not planning to have more kids anytime soon, or planning to use the public system if they do. It includes hospital cover for things kids and their parents might need, such as accidents and joint reconstructions, but doesn’t include things like pregnancy, IVF or weight-loss surgery, to make it a bit cheaper. On the extras side of things, the Essentials Bundle offers benefits of 60% on all the important family treatments like dental, optical, podiatry, speech therapy, orthodontics and much more (waiting periods, annual and sub limits apply). It’s a pretty good deal for families. If you do want pregnancy cover, check out Frank’s Best Hospital.

Another really good place to start to find out how much you can expect to pay for family health insurance is our home page. Our menus can help you simplify your options as you answer questions about the type and level of cover you want. As you click on your preferences, we’ll spit out the plans that fit your selections, and the rest is up to you.

Our customers really love our helpful staff (no, really, they do) so if you want to know more, you’ll find it here. All this info should give you a good picture of how much you will pay for family health insurance that best suits you.

What other financial incentives are there?

The above info will give you a better idea of how much you will be expected to pay for cheap health insurance, but the important financial stuff doesn’t end there. Australians are always being encouraged to take out private health cover, to help take the pressure off the public health system. The government does this a few ways. Firstly, it offers a rebate to make cheap health insurance even more affordable. If your taxable income is less than $140,000 as a single, or $280,000 as a family, then you are eligible for the rebate. The rebate is tiered, based on income and age, so check out how much you can get back here. 

There are also tax incentives to take out hospital cover as part of family health insurance. The government slugs everyone who has a taxable income over $90,000 (or families with a taxable income over $180,000) and doesn’t have private hospital cover a Medicare Levy Surcharge. This is also tiered and can be an extra 1.5% on top of your tax. Not only could that minimise your tax, but taking out private hospital cover could even be cheaper than paying the MLS.  On top of that there is the Lifetime Health Cover loading, which is another financial incentive to help make your decision to take out family health insurance a little easier. LHC loading is a 2% loading for every year you don't have hospital cover after you turn 30. So, if you take our cheap health insurance for the first time when you are 40, it will cost you 20% more than someone who is 30. 

Given your family is likely to need a broad range of heath treatments and services over their lifetime, having these incentives on top of being able to claim benefits can make your decision about taking out health insurance a little easier.

Join on combined hospital and extras cover by December 31 to get one month free.*

Get a quote *For new members (if you have been a Frank Health Insurance member in the last 12 months, sorry you don’t qualify). Must pay first month to receive second month free. Offer ends 31 December, 2017.