Younger Australians are increasingly choosing a health fund that puts people before profit

Younger Australians are increasingly choosing to join a health fund that puts people before profit.

And it is so important to have private health cover right now, especially with public hospital waits stretching well beyond a year.

Taking out health cover when you are young makes a lot of sense.

1) Receive fast access to high quality care with your choice of doctor.

Waits in the public hospital system can extend beyond 2 years and because there is no choice of doctor, you could be treated by a junior registrar.

2) Avoid the Government's Life Time Health Cover (LHC) Loading

If you don’t take out private hospital cover by 1 July following your 31st birthday, you will be charged a 2% loading for every year you are over the age of 30 when you do take out a hospital policy.

So if you wait until you’re 40, you will pay 20% more than someone who got cover when they were 30.

3) You could save on tax

You could be up for hundreds of dollars in extra taxes if you don’t have the right level of Hospital cover.

If you are earning over $90,000 as a single or over $180,000 as a couple, family or single-parent family, you could be affected by the Medicare Levy Surcharge (MLS) if you don't hold private hospital cover for the full financial year.

4) The Australian Government Rebate

If you are under the age of 65 and earn less than $140,000 per year you will receive a Government rebate on your health insurance premiums of up to 25%.

5) Extras cover

Health insurance can cover things that Medicare doesn’t, like dental, optical, physiotherapy, remedial massage, ambulance and more.

Younger Australians are increasingly joining the more than 3 million people who have chosen to be covered by a Members Health fund.

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