When you’re young and healthy, insurance can be one of those things that’s easy to put off. But taking the time to understand your health and personal insurance options earlier in life can have benefits that extend well beyond simply having cover in place.
At Cashflow Financial Wealth, our financial advisers can help you review your insurance needs and understand the different options available to protect you and your family.
Why consider private health insurance when you’re young?
Under the Australian Government’s Lifetime Health Cover (LHC) rules, the key date for most Australians is 1 July following their 31st birthday. If you take out hospital cover after your LHC base day, you may pay an additional 2% loading on your hospital insurance premium for every year you are aged over 30 when you join, up to a maximum loading of 70%. The loading generally applies for 10 continuous years of hospital cover.
Depending on your income, holding appropriate private hospital cover may also help you avoid the Medicare Levy Surcharge. That makes your 20s and early 30s an important time to start thinking about the type of protection you may need rather than waiting until your circumstances change.
Insurance can provide more than a financial benefit
It’s also worth looking beyond the amount an insurance policy may pay if something goes wrong.
Some insurance options available through financial advisers provide access to additional health and wellbeing services.
For example, one option available can access a virtual service that connects members with global medical specialists who can independently review an existing diagnosis, treatment or surgery plan. An Australian-based GP discusses your questions and, with your consent, collects the relevant medical records. A specialist then reviews the case and provides a detailed report on the diagnosis and treatment options. The GP can then guide you through the findings and, if you choose, share the report with your treating doctors.
The service can also extend to family members including a partner, children, parents and parents-in-law. No referral is required.
It’s important to note that this service does not replace your GP or treating specialist and does not provide emergency care, prescriptions or ongoing treatment.
Talk to Cashflow Financial Wealth
Insurance isn’t one-size-fits-all. Your age, income, family situation, financial commitments and existing cover can all influence what protection may be appropriate.
The advisers at Cashflow Financial Wealth can help you review your existing insurance, identify potential gaps and explain the insurance options and additional services that may be available.
Getting the right advice earlier can help you put appropriate protection in place before you need it and give you greater confidence about protecting both your health and your financial future.