It goes without saying that having a health insurance policy provides great peace of mind. But if you’ve had a policy as a single person and you’ve transitioned into a couple relationship, is it better to have separate single policies or join in a couples policy?
What extra does health insurance policy for couples cover? Is it worth considering? What do you need to know about health care plans like this?
Couples who are in a de facto relationship or in a registered marriage can access a health insurance policy for couples. Compared to having two individual policies, there is often little difference in premiums. However one of the good things about couples policies is that it’s more convenient than having two separate singles policies.
Couples health insurance policies can include hospital cover, hospital and extras, or extras only. There are a wide range of policies available, so it’s important to keep your needs and preferences in mind when choosing a policy. For instance, a young couple may get just the basic hospital cover that suits their budget.
They can just get extras cover for specific health requirements such as eye or dental care. Couples who are planning to start a family may want to get coverage for obstetrics and childbirth.
What are the benefits of getting health insurance policy for couples?
The obvious answer is that is offers peace of mind and provides a safety net in case there is a need to go to the hospital. Here are the other benefits:
You can avoid the Medicare Levy Surcharge
This is a surcharge between 1% and 1.5% if your combined income is over $180,000 annually. This can be expensive when you need to pay your taxes. But with health insurance, you may not have to pay this surcharge.
You can avoid Lifetime Health Cover loading
This is a 2% loading on the cost of your health insurance policy for each year, 31 years of age and above, that you don’t have adequate cover. The surcharge will be reduced when you take out health insurance.
Cut your health insurance paperwork in half
Getting health insurance policy for couples will cut the paperwork in half. How? Aside from having only one premium to pay, there’s only one policy to maintain. And in the event of a claim, you have to fill out only one form.
Do you have other cheap health insurance ideas? Share your insights in the comments section.Read More →