If you and your partner currently have individual private health insurance, it might be time to make the switch to couples health insurance. Whether you’re looking to start a family or simply want peace of mind, a joint health insurance policy has its benefits.
How to choose couples health insurance
Choosing couples health insurance can feel confusing and overwhelming. Trying to decide whether it’s the right time and worth the cost can keep you from finding the coverage you and your partner need.
When comparing coverage, always first consider your priorities, lifestyle and what you want the coverage to include. For example, if you’re looking to start a family, remaining on individual policies can be more financially rewarding if only one person needs pregnancy and IVF services. Then you can go on a family policy after the baby is born.
You also need to consider the needs of each partner. Couples health insurance gives each person in the partnership the same coverage. Therefore, if one person needs specific coverage for diabetes, couples insurance might not be the best fit.
Finally, you want to consider your budget. Couples health insurance fees can vary depending on the extras, hospital cover, age and income, so finding something that fits your budget and needs is important.
Benefits of couples health insurance
#1 – Coverage with flexibility
Health insurance isn’t one-size-fits-all and choosing couples health insurance doesn’t have to be either. With GMHBA, you have the flexibility to choose from their Basic, Bronze, Silver and Gold hospital covers that offer different services to suit the needs of your budget based on your age, combined income and priorities.
#2 – Claim the health insurance rebate
The Australian Government provides an income tested rebate to help people meet the cost of private health insurance. The rebate depends on your combined income as a couple, as long as you are earning less than $280k combined, you may receive a rebate.
#3 – Lifetime Health Cover Loading
If you and your partner haven’t held individual health insurance policies since turning 31, you can incur the Lifetime Health Cover loading, which is a 2% loading for each year without cover. If you are on a couple’s policy, your LHC will be applied as the average of both your individual loadings.
#4 – Get rewarded for your healthy choices
When you choose couples health insurance with AIA Vitality, you and your partner have access to a globally renowned health and wellbeing program that rewards you for healthy behaviours. The program includes up to 50% off select gym memberships, up to 50% cashback on eligible Virgin Australia flights and more.
If you and your partner are new to health insurance, it can feel like an overwhelming decision. So to help you get started, GMHBA has a guide to help you understand everything you need to. After selecting the cover that suits your needs, they’ll send a personalised quote that factors in your Australia Government Rebate tier, age, state of residence and life stage. Then you can email yourself the information, so it’s easy to review and compare.
* This article is a sponsored partnership with GMHBA.