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

We have one thing on our minds – you

There is no doubt health insurance can be expensive. It is one of the reasons why people don’t love health funds. We don’t expect you to love us, but we think that by providing you with affordable, simple and flexible health cover options, you won’t hate us. Like everything, there can be pros and cons with cover, especially when it comes to the costs and rebates received with singles health insurance.

* 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

We constantly look at the rising costs of health care in Australia and try and manage them with one thing in mind – you. As a not-for-profit organisation, our focus is on the quality or our covers and how they fit into your budget, rather than on shareholders or making record profits.

There are two kinds of cheap singles health policies – hospital and extras. Hospital insurance could cover you when you are admitted to hospital, for emergencies and accidents, as well as for elective surgery. Hospital cover could help you avoid public waiting lists by being admitted to a private hospital if you want, and with hospital cover you can usually see the doctor or surgeon of your choice.

Extras cover provides benefits for treatments you don’t have to go to hospital to get, like dental chiro, physio, optical etc. Medicare generally doesn’t cover a lot of these treatments, so we work alongside Medicare to help you out when you need it most.

What can offer cheap singles policy choice

We offer four hospital covers, all at different levels and all suited to different needs and budgets. We also have two extras covers, which offer benefits back of either 50% or 80%, and two bundles, which are basically a combo of hospital and extras. When it comes to looking for costs and rebates received with singles health insurance, we have identified a few policies that could help make your decisions easier.

Our Starter Bundle gives you the peace of mind of having cover as a private patient when you are admitted for accidents – to a private or public hospital – and also as a private patient in a public hospital for elective admissions for palliative care, psychiatric treatment or rehabilitation only. It offers 60% benefits for dental and a range of other extras treatments, but is cheaper than some of our other policies because it doesn’t offer benefits for the full extras range. The result is an affordable and simple basics cover and not a bad policy for your first one.

Our two other recommendations for young singles is a combined cover that includes our entry-level public Basic Hospital and Some Extras covers. Basic Hospital covers you for public hospital accommodation as a private patient when admitted to a shared room. You can still select your own doctor, but you will likely be subject to public hospital waiting lists. It is always a good idea to ensure you receive written informed financial consent for any hospital admission. If possible, it’s always good to give us a buzz before you are admitted, to double check what you are covered for. You can also be covered for more procedures with Basic Hospital (in a public hospital) than you might for our Starter Bundle. To help with out of pocket costs, Frank offers Medical Gap Cover, which can be important.

Our Basic Hospital also includes Rehabilitation in the Home, which is a hospital substitution and can include services like physio, occupational therapy and personal care. As far as extras goes, the policies include major and general dental, as well as a raft of other popular treatments. Check them out on the above links. The main difference between the two recommended policies is one provides 50% benefits and the other 80%. So, as far as costs and rebates received with singles health insurance go, the 80% policy will cost you a couple of dollars extra a week, but both can cost you less than a large coffee a day.

Don’t forget about the rebates

When it comes to costs and rebates received with singles health insurance, the rebates part is sooooo much more fun than the costs. We’re not the only ones that want you to take out private health cover, the Federal Government does too. It provides a subsidy called the Australian Government Private Health Insurance Rebate (catchy name) and it goes towards the cost of taking out health cover, depending on your income. If you your taxable income is less than $140,000 a year as a single you can be eligible. The amount you receive will depend on your income and your age. If your taxable income is less than $90,000 and you’re aged under 65, you can receive almost 27% back on the cost of your cover.   

The government also wants young people to take out cover, so they have introduced what’s called Lifetime Health Cover loading. LHC is a 2% loading for every year you don’t have hospital cover after you turn 30. The longer you wait the worse it gets. If you take out hospital insurance for the first time when you are 35, it will cost you 10% more than if you did it when you were 30. If you are 40, it will cost you 20% more. So get your skates on.

The third part of the costs and rebates received with singles health insurance triumvirate is the Medicare Levy Surcharge. If you have a taxable income of more than $90,000 yourself and don’t have private hospital cover, you will probably have to pay the MLS, which is added to your tax return and can be anywhere between 1% and 1.5% of your income. It is added to the 2% Medicare Levy, which is paid by most Australians. So, when it comes to weighing up the costs and rebates received with singles health insurance, there might be a few surprises in store.

Get 1 month free + skip 2 & 6 month waits on extras* when you join on combined cover by March 31.

*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. 12 month waits, annual and sub limits apply. Offer ends 31 March, 2018.