Are you thinking about health insurance? Deciding when it’s the best time to sign up for health insurance can be challenging, but health insurance might be right for you, earlier than you think.
1. Save money with an age-based discount
Did you know that by signing up before you’re 30 with Latrobe Health, you are eligible for an age-based discount on your hospital cover?
This discount is 2% for each year that a person is under 30, to a maximum of 10% for 18-25 year olds.
This discount will then remain on your hospital cover until you turn 41, at which point it will be phased out at 2% per year thereafter.
Future you, will be grateful!
2. Avoid the Lifetime Health Cover Loading
There is no better time to sign up for health insurance than when you’re under 31, so you can avoid the Lifetime Health Cover Loading (LHC).
LHC is a government initiative that started in 2000. It was designed to encourage people to take out hospital cover earlier in life and maintain it, to lessen the burden on the public health system.
If you’re under 31 and purchase private hospital cover, and keep it, you will avoid paying an extra amount called the 'LHC loading’.
If you don’t purchase private hospital cover by the 1st of July following your 31st birthday, you’ll be charged a 2% loading for each year you're over the age of 30 and did not have private hospital cover.
With the LHC loading lasting for 10 years and at a maximum of 70%, it’s something you should consider sooner rather than later.
Learn more about the Lifetime Health Cover Loading here.
3. Save at tax time
If you are single and earning more than $90,000 a year or a couple earning more than $180,000 a year combined and do not have the appropriate level of hospital cover, you will be hit with the Medicare Levy Surcharge (MLS) at tax time.
The MLS is an additional charge to the Medicare Levy calculated between 1% and 1.5%, depending on your income - Private Healthcare Australia has a handy calculator tool that will give you an estimate of your MLS (it takes less than a minute).
If this sounds like you, we suggest you get a quote with us – either online or call us at 1300 362 144 – and compare your MLS cost and the quote for your hospital cover.
We also recommend that you discuss your options with your financial advisor or tax accountant, who can base their recommendations on your specific circumstances.
Learn more about private health insurance at tax time here.
MLS income tiers increasing July 1 2023. Find out more at www.privatehealth.gov.au
4. Be in control of your health
If being in total control of your health is important to you – we recommend you get private hospital cover.
Victorian Agency for Health Information data shows that average overdue public hospital wait times in Victoria for elective surgery have blown out to over 218 days in the semi-urgent category and over 285 days in the non-urgent categories (as of January 2023).
Depending on your level of cover, no more public wait times.
It’s also worth keeping in mind the choice that health insurance offers – choice of where you’ll receive treatment, choice of when you’ll receive treatment, and your choice of doctor.
By joining Latrobe Health Services, you get access to the best private hospitals with state-of-the-art facilities when you need care, as well as ensuring that you can work with health providers you know, and have trust in the quality of care and outcomes you’ll get.
5. Accidents happen
Staying active, eating smarter, and practicing mindfulness, young people are on top of their health but unfortunately, accidents happen.
Get covered for the moments you can’t predict and have peace of mind knowing that Latrobe Health is here for you when you need it.
All Latrobe Health hospital open covers (available for sale) include unlimited emergency ambulance transport so you can focus on the things you love without having to worry.
If you’re a sports lover, thrill seeker, or someone who wants to live life to its fullest, we’ve designed a hospital cover just for you, ‘just in case.’ Think of sports-related surgeries such as knee reconstructions or Achilles tears. Our Healthy Start Hospital Package is designed for hospitalisations resulting from accidents plus basic extras cover, so you can keep your eye on the ball knowing we're here if you need!
6. Claiming your benefits
At Latrobe Health you can add extras to your hospital policy for as low as an additional $4.21* a month
Our hospital and extras policies cover a whole range of health care needs, if you’re someone who enjoys a remedial massage everyone once in a while, wears glasses, or visits the dentist every six months – it’s a no-brainer to add on extras and start claiming.
Compare our extras policies here to find the one that meets your healthcare needs.
*Price quoted is for a Single on Basic Extras cover and includes an Australian Government Rebate of 24.608% with a 0% Lifetime Health Cover Loading.
What’s Next?
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find the right health cover for you!
Or call us on 1300 362 144 to chat with one of our award-winning customer service team members.