Health lifestyle guide
Health Insurance for couples
Lifetime Health Cover
Lifetime Health Cover (LHC) loading is a government charge which adds 2% on to the price you pay for Hospital Cover if you sign up after 30 June following your 31st birthday. The loading increases by 2% for every year you don’t join, up to a maximum of 70% and can only be removed after 10 years of continuous Hospital Cover.
For example, if you sign up at the age of 40 you’ll pay an extra 20% for your Hospital Cover compared to someone who joined aged 31.
Visit the ATO for more information.
Choosing the right cover for you and your partner
Getting couples Health Insurance is a great way to make bill paying that little bit simpler and make sure you’re both covered for what you need.
If one or both of you is approaching 31, taking out Hospital Cover can help you avoid paying Lifetime Health Cover (LHC) loading, and the government’s Medicare Levy Surcharge, which applies if you earn over a certain threshold and don’t have Hospital Cover.
But, as you’re planning your future together, there are more benefits to couples Health Insurance than avoiding government fees.
Which health cover option could be right for you?
Having the right level of Hospital Cover for both you and your partner means you’ll have one less thing to stress about when you’re living your lives together.
Aged Based Discount
Eligible members must be 18-29 and not a dependent under the policy. Discount calculated at 2% for each year an eligible member is ages under 30, to a maximum of 10% for 18 to 25 year olds. Read 5 ways taking health insurance now can save you money.
When you’re in a couple, it’s no longer just your own health you need to prioritise. If the unexpected happens, like you become ill or get into an accident, you may wind up in hospital. Basic Hospital Insurance, like Suncorp Health Insurance Basic Hospital or Bronze Hospital, can help take some stress off both of you if something happens.
Plus, if one or both of you is aged between 18 and 29 you may be eligible for the government’s age based discount. You could get up to 10% off your Hospital Cover until you turn 41.
This is just a summary. Waiting periods apply. For full details about what is and isn’t covered, read the Policy Booklet.
Don’t have children?
If you’re not quite ready or don’t plan on having kids, you probably won’t need cover for things like pregnancy and birth. Suncorp Health Insurance can help you keep it simple and make sure you’re only paying for the things you need with Basic Hospital Plus or Bronze Hospital Plus.
With the potential savings on basic levels of hospital cover, consider adding Extras Cover for the things you might need — like physio and optical.
Getting cover for you and your partner
If you’re starting a life journey with your loved one, the type of private Health Insurance you need can depend on your lifestyle and budget.
Don’t pay for the things you don’t need
When you don’t need cover for things like pregnancy, you don’t need to pay as much as if you were on a more comprehensive level of cover. Hospital Cover like Suncorp Health Insurance Basic Hospital Plus is designed to cover the basics and keep it affordable.
Cover for the things you do need
Falling ill or having an accident can happen at any stage in life. If you end up in hospital, having Health Insurance can help take some of the financial and emotional stress off you and your partner. Basic Hospital Plus or Bronze Hospital Plus can help ensure you have one less thing to worry about.
Easy to manage
Suncorp Health Insurance makes it easy to switch from another fund*, and will recognise applicable waiting periods you’ve already served. Plus, we’ll help you with the paperwork!
Avoid paying a levy at tax time
If your combined annual income is over $194,000 and you haven’t maintained private Hospital Cover for a full financial year, you’ll have to pay a Medicare Levy Surcharge to the government. That’s why it’s important to get your private Health Insurance sorted before tax time.
*Make sure you read your Policy Booklet for full details and requirements of switching from another insurer.
Suncorp Health Insurance is issued by nib health funds limited ABN 83 000 124 381 (nib), a registered private health insurer, and is marketed by Platform CoVentures Pty Ltd ABN 82 626 829 623 (PC), a Suncorp Group company. PC is an authorised agent of nib and receives commission from nib. Read the policy booklet before buying this insurance.
Aged Based Discount
Eligible members must be 18-29 and not a dependent under the policy. Discount calculated at 2% for each year an eligible member is ages under 30, to a maximum of 10% for 18 to 25 year olds. Read 5 ways taking health insurance now can save you money.
Lifetime Health Cover
Lifetime Health Cover (LHC) loading is a government charge which adds 2% on to the price you pay for Hospital Cover if you sign up after 30 June following your 31st birthday. The loading increases by 2% for every year you don’t join, up to a maximum of 70% and can only be removed after 10 years of continuous Hospital Cover.
For example, if you sign up at the age of 40 you’ll pay an extra 20% for your Hospital Cover compared to someone who joined aged 31.
Visit the ATO for more information.
Medicare Levy Surcharge
The Medicare Levy Surcharge (MLS) is a government tax on top of the normal Medicare Levy and impacts singles with a taxable income of over $93,000 or families (including couples and single-parents) with a taxable income of over $186,000 who don’t have an appropriate level of private hospital insurance for the full financial year.
Holding any AAMI Health Insurance Hospital Cover product means you won’t pay the MLS if your income is above the government threshold and you maintain your hospital cover for the full financial year.
Read the Suncorp Health Insurance Policy Booklet for more information.
Visit the ATO for more information.
