Is your relationship driving up your health insurance premium?
A singles policy typically costs about half the cost of an equivalent policy for a couple or a family. So just converting one couples policy to two singles policies won’t necessarily save you money.
However, there are still ways to save money if you are prepared to read the fine print of the policy.
Let’s say you want gold level coverage – including a full range of treatments from cataracts to joint replacements, pregnancy and insulin pumps – but your partner only wants bronze level coverage, to avoid some taxes. and have access to a free ambulance and other bases.
If you have a gold level policy for couples, it will likely cost around $ 5,900 before government discounts are applied. However, if you split it into two singles policies as described above, you would pay over $ 4,500, saving around $ 1,400 per year.
Consider getting married (your policies)
This will save you money if you have, for example, two single parent health insurance policies.
If you have gold level coverage, you are probably paying around $ 9,000 before government discounts.
However, a single parent health insurance policy costs more than half the cost of an equivalent policy for a couple or a family, so merge them into one family policy and it will cost you over $ 6,000 which will cost you over $ 6,000. will save about $ 3,000.
Have a lot of children
The cost of health insurance actually goes down with every child you have – a family policy for two adults and two children costs about the same as a policy for two adults and seven children. (A family policy often costs the same as a couples policy, so sometimes the children are indeed free.)
So if you are a blended family and have two separate health insurance policies, you would likely save money by combining them into one policy.
Don’t move (from your parents’ policy)
In the past, children had to âleaveâ their parents’ family policy at 25 and get one.
However, the law changed in June to allow children to stay on Mum and Dad’s policy until they are 31. It won’t be mandatory for insurers to offer this feature, so check if yours does. Consider switching to another insurer if not, as it could save thousands of dollars.