When is it important to invest in a singles cheap health insurance plan?

There are a few important dates to know when considering health insurance plans!

So, because you have clicked on this website you are now an expert in health insurance and know all the intricate details of how it all works, what’s the best way to do everything and how you can squeeze every dollar in savings out of the system, yeah? No? Of course not.  It’s health insurance, it’s not that interesting. Fear not, that’s kind of why we’re here. And because you are not a super geek when it comes to health insurance, you probably won’t be aware that there are a few important dates to know when considering health insurance plans.

* 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

Don’t stress, there won’t be a test afterwards. But, we will kick things off with a bit of education, a few numbers. There are two types of health insurance – hospital and extras. Hospital may cover you for when you are admitted to hospital, for accidents and emergencies, as well as elective surgery. Having hospital cover could help you avoid public hospital waiting lists by being treated in a private hospital, with the doctor of your choice. We have four hospital covers, all offering different levels of cover and suited to different needs and budgets. We also have two extras covers, each with two benefit options – 50% and 80%. Extras cover could provide benefits for treatments and services you usually get outside a hospital, like dental, physio, chiro, optical and podiatry (and many more). We also offer two bundles, which are basically a combo of hospital and extras.

There is usually no time like now to invest in singles cheap health cover, and we’re not just saying that because we are a health fund. You never really know what is around the corner, and the last thing you want is to be thinking about taking out cheap health insurance and then need treatment. While the Medicare system is great, we work alongside it to help get you better as quickly as we can. So, tomorrow aside, there are a couple of other important dates to know when considering health insurance plans.

Your 31st birthday

If you plan to take out health cover anytime soon, it’s a great idea to do it before your 31st birthday. Heck, it’s a great idea to do most things before your 31st birthday, but that’s a column for another day. The Federal Government wants as many people as possible to take out health insurance, to ease the pressure on the public system. They are really keen on young people getting on board early as well, and have created Lifetime Health Care Loading. LHC is a 2% loading for every year you don’t have hospital cover after you turn 30. It kicks in on the July 1 after your 31st birthday.

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. The maximum loading you can get is 70%, which means you would have waited until you are 65 to grab health cover for the first time. Even once you do take out health cover after you are 31, you will be charged the loading every year you renew, for the next decade.

There are a few exemptions so check it all out here or here. One of the next important dates to know when considering health insurance plans is a little more fun.

Your 25th birthday

Your 25th is a pretty important date, and no doubt one your parents will help you celebrate. It’s a traditional coming of age, and it’s also a coming of age here at Frank. If you are on your parents’ health cover, you are covered until you turn 25. We’ll give you a couple of months to recover from your 25th party to organise health insurance with us, and we’ll even backdate it to your birthday. If you are taking out the same or a lower level of insurance, you won’t have to serve waiting or benefit limitation periods again, which, like the Swiss flag, is a big plus. The same rule applies if you are coming across from another health fund, as long as you provide us with a claims history. Even if you have never been insured before, we are keen to get you on board. Previously uninsured dependants may sign up with Frank and receive immediate Basic Hospital cover, with a few conditions and rules. For more information about those, and about dependant health cover, click here.

April 1

There are a couple of other important dates to know when considering health insurance plans. The first one is April 1. Each year, health funds look at how they can continue to offer the best services they can for people like you, and that means premiums often rise. However, the government has to approve any price rises, which adds another level of accountability to the process. Being not-for-profit, we continually put our customers first and don’t have to worry about things like shareholders. However, we weigh up the rising cost of health treatments and services and recommend premium changes to the government. These changes come into effect on April 1, so if you get in before then, there is a chance to lock in your premium cost, in case it rises. You might be able to do that by paying the full years premium cost upfront, instead of weekly or monthly. That might make things a little tough in the short-term, but it might make it that little bit easier in the longer term. If you renew your policy, it will be at the new premium price.

2 months, 6 months, 12 months and 24 months

While we are talking about important dates to know when considering health insurance plans, there are a few more to mention. Those dates are the waiting periods for all our covers. If you have an accident or an injury and need to urgently be admitted to hospital, you will be covered the day after you take out health insurance, but for most of the rest of the treatments and services available in hospital and extras covers, there are waiting periods and benefit limitation periods. They can vary for some treatments, so click here to find out what they are for the cover you are looking for.

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.