Under 30s need private cover27 June 2012
From 1 July the Private Health Insurance Rebate will be means-tested.
A recent Galaxy Poll has replicated the results of Private Healthcare Australia’s studies relating to the impact of the Government’s means-test on privately insured Australians.
The Galaxy Poll says 30 percent of those affected will drop or downgrade their cover.
Private Healthcare Australia studies have concluded that the young and healthy are more likely to drop or downgrade their private health cover because they don’t believe they will need it.
Private Health Australia CEO Dr Michael Armitage says it is a myth that young Australians won’t need private cover.
Last year there were 9,235 claims with benefits exceeding $10,000 for privately insured Australians under the age of 30 years.
Benefits paid for all high claims over $10,000 for under 30s totalled $177 million in 2011.
The highest claims involved heart procedures, spinal procedures and mental disorders.
The High Claims Survey demonstrates how important it is for young Australians to plan for their health care needs.
Young people earning above $84,000 (single) or over $168,000 (family) can make a once off saving on their private health insurance by pre-paying their private health policy before 30 June, to cover the financial year 2012-2013.
Privately insured Australians should contact their health fund as soon as possible before 30 June to discuss if this is an option.