Which hospital cover tier is best for young people?

Hospital health insurance comes in 4 tiers in Australia: basic, bronze, silver and gold. Each tier covers a higher number of treatments in a private hospital and generally have higher premiums. Young adults will have a variety of needs, so it's hard to say which tier you should go for. For example, bronze policies may cover most accidents or illnesses commonly experienced by young adults, but pregnancy and childbirth is only covered until silver plus and gold policies. Check out our page on hospital health insurance tiers to learn more.

When am I no longer covered by my parents' health insurance?

There are a few different situations where you need to leave your family's policy. These can include: When you turn 25. This is usually when you're no longer allowed to be listed as a dependant on your parents' health insurance policy. When you get a full-time job. Some insurers won't consider you a dependant anymore when you get a permanent full-time job. When you graduate. If you go to uni or college, you can often stay on your family's policy until you graduate. When you get married. Most insurers outline that in order to be considered dependant, you can't be married.

What happens if you get private health insurance after 30?

If you wait until after age 30 to take out private hospital cover, you may incur a Lifetime Health Cover (LHC) loading on your premiums. For every year you're over 30 without hospital cover, an extra 2% is added to your premium when you first join, up to a maximum of 70%. This loading stays on your premium until you've held continuous cover for 10 years.

Do young people need private health insurance?

Young people don't need private health insurance, but it can make sense depending on your situation. It can help you avoid tax penalties, like the Medicare Levy Surcharge (if you earn above the threshold), offer extras cover for services Medicare doesn't pay for and protect against long waiting times for elective treatment.