Here’s why you need Health Insurance if you’re an Aussie over 30

It’s easy to say you don’t need to worry about your health in your twenties. You’re in the prime of your life. But as we all know, our bodies will evidently begin to slow down. While thirty may be the new twenty socially, our bodies aren’t getting any younger. If you’re an Aussie over 30, here’s four reasons why you should consider getting health insurance.

Here's why you need Health Insurance if you're an Aussie over 30

Insurance Costs More with Age

The cost of private health coverage increases with age. You’ll pay more in premiums if you wait until July after your 31st birthday. In fact, you’ll pay 2% more per year, every year past the age of 30. So by the time you hit 40, the health insurance premiums will be 20% higher.

Another factor to consider is the Medicare levy surcharge. The surcharge applies to individuals who earn above 90k, and couples who earn a combined salary of 180k or above. The levy ranges from 1 – 1.5% percent. But the good news is, if you sign up for health insurance you won’t have to pay it. Get your insurance policy in place now. You’ll be thankful for this when you get a better paying job and you can keep the 1.5% levy in your pocket.

The Government Is Encouraging It

The Federal Government is encouraging young people to get private health coverage so that there is less reliance on the government-funded Medicare system. That’s why around half of all Australians have it. The Government is aware health insurance may not be a the highest priority for younger people, so they offer a rebate based on your income level when you buy health insurance to encourage you to do so. 

You Want to Have Flexibility When It Comes to Healthcare

Health insurance through the private market covers a lot of extras. It also gives you the freedom to seek alternative healthcare providers, get discounts on optional procedures, and have diagnostic tests done faster. If you’re planning on starting a family, hospital coverage also means you can choose where you have the baby. In contrast, wait times are a constant problem in public hospitals. The worst waits are for cataract surgery and orthopedics. While most of us think about this in terms of hip replacements and knee surgery, it also applies to sports injuries, repetitive stress injuries and problems like rotator cuff injuries you’re more prone to when you get a bit older. You want flexibility and availability when it comes to your healthcare, which is something only private healthcare can offer.

It Is the Better Choice Financially 

If you are in excellent health and don’t get injured or sick, waiting to buy health coverage may be the better financial choice. However, that’s only true if you put the same amount in a savings account and don’t touch it. Many young adults are saving up for a house or paying down debt and don’t think to put aside money for medical expenses. In the case of an emergency or unexpected illness, this can put a large financial strain on you and your family. Health insurance protects you against such a scenario, making it a sound investment. 

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