Do I need Health insurance?

I’m seriously considering cancelling my health cover as at the moment I’m only 26 and I don’t really need it until I’m 31. The only thing I use it for is going to the dentist, so it means all I use it for is to get a free check up plus anything extra that may need doing is always partially covered.

Currently, I'm ahm paying $45 per month.

I’m just wondering should I cancel it now and risk a big dentist bill because they want me to get filling or something else that apparently needs doing.

So should I cancel it?

 

despite the fact i have never a private health care cover a single day in my life ( and had all my teeth extracted at 21 years old , and have always had medical problems )

i will suggest NO

calculate the medicare levy if you cancel your private health insurance if that makes sense

you MIGHT consider switching to a better plan if you can find one

check the figures carefully and ask your tax accountant on the pros and cons

i know it is very tempting but please run the figures carefully first

cheers

 

I don't think the medicare levy will change if I cancel at the moment. I'm pretty sure it would only go up if I'm 31. Unless I'm completely wrong. is the medicare levy suppose to be lower if I have health insurance regardless of age? FYI I only have extra's cover, not full private cover, if that makes a difference.

Edit: I just found a lot of better plans so I will be changing. Should I wait until EOFY before changing or does this not really matter that much?

 

ummm just are paying a Medicare Levy AND private health insurance .. have the tax laws changed again ??

as i see it with health insurance it is the penalty they write in discreetly if you join as an older person ( under 25 is counted as the 'easy money period ' they normally only expect you to had dumb misadventures at that age )

now 31 might not seem to be old to you but about then they hope you are starting a family and young children can always be a risk etc etc etc so extra costs but new dependents locked in

but excellent some insurers are willing to offer a better plan

if they had done a REAL check back when i was 25 i probably wouldn't have been insurable ( but sneaked through the Army Reserve physical back then @ 21 )

well i had all my teeth out at 21 so dental is useless to me , it will depend where you are worried you will need medical attention in the future , you might easily be as fit as a Mallee bull , and not even bush-fires will get you

but keep thinking and asking , cutting costs now , wisely , should reward you later

remember i have NEVER had health insurance , except basic Medicare/ state health

so timing decisions aren't my thing , sorry

 

Hi @jack0194

Who did you chpose as Private insurance provider?

Me an my wife are also exploring the option dur to tax purposes but do not want the basic cover...

 

Being a lowish income earner in a part time job, the last thing you need to be worried about is whether you will be charged the medicare levy surcharge for HIGH income earners who do not have private hospital cover. As for Extras cover, you probably wont benefit from it either. Consensus is that if you start up a bank account at a young age and deposit the cash you would have otherwise paid out to the insurance company, you will always have the funds required for a dental bill, glasses, occasional physio etc, but over time you will have far more cash in your special savings account than what you would have paid out in premiums. Have a read of the posts in Living Room about this topic.