Cheap health insurance for young adults. What is the best option?

Why do I need health cover?

We know that sometimes health and young people is an interesting mix. For years, your parents have been telling you to eat your vegies, carry your backpack properly and put on a jumper before you go out. But now you are a young adult, looking after your health can mean a bit more than that.

* 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

Medicare has been with you your whole life. It has helped you when you visited the GP, needed to go to hospital, and needed blood tests or other examinations. But you probably didn’t realise there are a lot of things Medicare doesn’t cover. So, now you are looking after your own health, finding cheap health insurance plans for young adults can be handy. But young people don’t get sick, right? Wrong. You might be surprised to know that the most common 10 year age group for presentations to emergency departments across Australia is the 15 to 24 group?

That’s right, young adults. More than 2 million people aged between 15 and 24 presented to the Emergency Department of Australian hospitals in 2014-15, which was about 28% of everyone who went. Amazingly, only about 20% of people who went to ED were over 65. So, young people seem to get sick or injured a fair bit. And if you are admitted to hospital, then hospital cover can make a big difference, if you are treated as a private patient. In 2015, the highest 30 claims for health fund members under the age of 30 exceeded $10,000 in costs. They included costs of $450,000 for treatment and accommodation after an aneurysm, $100,000 for a mental illness and $95,000 for 238 nights in hospital.

Yes, these are extreme, but they highlight the importance having cheap health insurance plans for young adults can have if you need specialist treatment. Health cover can also be proactive, and at Frank we place a very big importance on that. Our covers can help you stay on top of your health, and we encourage you to use as many treatments or services as you can. In fact, we even give you tips on how to get the most out of your cover. Making the decision to get health cover is one thing, but how do you choose between cheap health insurance plans for young adults to find the right one? Read on.

Which cover do I choose?

Choosing from cheap health insurance plans for young adults is clearly a good idea, but which one to choose and how to do it? We’ll start with the basics. There are two types of health cover – hospital and extras – and both can be helpful for young adults. Hospital cover can be there for when you are admitted to hospital, either a public or private hospital, as a private patient. It can help cover the costs of accommodation and treatment, and can provide you with options like room-type choice in some circumstances. Importantly, if you choose to be treated in a private hospital, cheap health insurance plans for young adults can give you even more choice. You can choose the doctor or specialist you want, rather than the one rostered on that day. And you can also avoid public hospital waiting lists by being treated in a private hospital.

The last thing you want is to sit around in pain waiting for a spot to become open. Extras cover is where you can get value from cheap health insurance plans for young adults. Extras cover provides benefits for treatments outside of hospital that Medicare doesn’t cover, like dental, optical, physio, alternative therapies and even travel vaccinations (and a lot more) in some cases. As we mentioned before, we’re also about choice and our two extras policies offer benefit choices of either 50% or 80%, which can help you tailor the policy to your needs. It can also help inspire you to do things like see the dentist regularly, or get that sore leg looked at before it becomes worse. The way to work out which of the cheap health insurance plans for young adults you should pick really comes down to you. Different factors and personal circumstances beyond your name and personal data should be carefully considered before opting for any specific health insurance policy. Work out what you want, what you expect and what you might need from health cover. Be practical about your health and your lifestyle and try to match any possible or likely treatment needs with our covers.

Discover the financial incentives

Unless you are Mark Zuckerberg, the cost of cheap health insurance plans for young adults is going to come into consideration when you choose. Because most young adults are just starting their careers, they tend to look for the cheapest and highly reasonable coverage from their insurer. However, the cheapest may not be the best for you, and the most expensive might have a lot of things you will probably never need, so use those thoughts about your lifestyle and your current health we mentioned above to guide you a bit on this.

However, there is more to making a financial decision about cheap health insurance plans for young adults than just the cost of the premium. Healthcare companies like us are always there to offer everyone peace of mind and security when it comes to health matters, and our policies can be some of the cheapest for you. However, look outside health funds for help with your weekly health budget. The Federal Government really wants young people to sign up to cheap health insurance plans for young adults and is prepared to give you a bit of financial incentive to do it. There could be rebates and tax incentives if you have an annual taxable income over $90,000 to make taking the first steps a little bit easier, and there is also a special under 30s-incentive that can also reward you the sooner you take out hospital cover.

Skip 2 & 6 month waits on extras* when you join on combined cover by April 30

*For new members (if you have been a Frank Health Insurance member in the last 12 months, sorry you don’t qualify). 12 month waits, annual and sub limits apply. Offer ends 30 April, 2018.