Just married? What to consider before updating your health insurance

By Nikola Nikolovski Reviewed and updated 9 August 2024

So, you just got married. Congratulations! We hope married life is treating you well.

If you’ve been living together for a while, you might already have a joint bank account, but have you thought about a joint health insurance policy? Sure, it’s probably not your first priority after the wedding, but Couples Health Insurance is definitely worth considering. Before you and your partner join your Private Health Insurance together in holy matrimony, here’s what you need to know.

A,Newlywed,Couple,Is,Driving,A,Convertible,Retro,Car,On — Image credit: Shutterstock

Tip:

You don’t actually have to be married to get a Couples policy – you just need to be living under the same roof.

Is Couples health insurance cheaper?

Couples health insurance isn’t cheaper than two Singles policies – the premium is generally around the same price. In fact, if you and your partner have different levels of health needs, it might work out cheaper to keep two separate Singles policies at different Hospital Cover tiers, like in this example:

Couple with separate policies

Kate is a former athlete who knows she’s likely to need a knee replacement in the near future so she chooses a Gold Hospital Cover policy to include Joint Replacements. Her husband Kevin doesn’t need Hospital Cover at the same level, and decides a Bronze policy is right for him. Because Bronze cover is much cheaper than Gold, these two Singles policies are cheaper for the couple than getting a combined Couples Gold Hospital Cover policy.

Even though you might not save money with a Couples Health Insurance policy, there are a few advantages of combining your cover.

Should we change to a Couples policy?

One of the main benefits of a Couples policy is that it’s easier to manage your cover, and you only have to make one payment instead of 2. There’s also the fact that you can share policy limits across the 2 of you. For example, on an Extras policy, if one person needs a lot of physio treatments while their partner doesn’t need many, that person can claim for more physio payouts than they would on a Singles policy.

If one of you is eligible for the Private Health Insurance Rebate, your policy will be cheaper as a Couple (and if you’re both eligible, even better!). The Rebate is available to anyone earning less than $144,000 or aged 65+ – check your eligibility here.

You’ll need to consider your income, too. The Medicare Levy Surcharge threshold for singles kicks in for incomes over $93,000, but the couples (and families) threshold applies to incomes higher than $186,000. If your combined income is over that second figure, you’ll need Hospital Cover with an excess of $750 or lower to avoid paying the Medicare Levy Surcharge with your taxes. If your combined income is less, you might decide to stick with Extras Cover.

Do I have to pay the Medicare Levy Surcharge?

What’s the difference between Hospital Cover and Extras Cover? Do I need both?

Should we have a Couples policy or Family policy?

If you’re planning on starting a family, it’s a good idea to switch to a Family policy sooner rather than later. There’s usually a 12-month waiting period for Pregnancy and Birth cover, which means if you wait until you’re already pregnant to start a Family policy, you won’t be able to access cover for your newborn right away (and that could be an issue if they need medical care right after birth).

Plus, if you have trouble getting pregnant, it’s reassuring to know that cover for fertility treatments is available under the Assisted Reproductive Services cover of your Family policy (if you have Gold Hospital Cover tier cover).

What are the different tiers of health insurance?

Can health insurance pay for fertility treatment?

What happens to Lifetime Health Cover Loading for couples?

Before switching to a Couples policy, it’s important to know how the Lifetime Health Cover Loading will affect your health insurance price. If one of you, or both, didn’t take out (and maintain) Hospital Cover before the age of 30, you’ll have to pay the Loading. This is an extra 2% for every year you’re over 31 when you take out Hospital Cover (based on your age on 1 July prior to joining), up to a maximum of 70%, and lasts up to for 10 years. For Couples Health Insurance, the Loading is averaged out between the 2 of you, like in these examples:

Couple who both have Lifetime Health Cover Loading

Mei, 34, and her husband Liam, 36, take out a Couples policy. Neither has had health insurance before. Mei incurs a 6% Loading (2% x 3 years) while Liam must pay 10% Loading (2% x 5 years). A total of 8% Loading is added to their Couples policy premium, the average between 6% and 10%.

Couple with one person who has Lifetime Health Cover Loading

Angus, 41, has had health insurance since the age of 28 but his wife, Kelly, 45, has never had a policy. When they take out a Couples policy, a Loading of 15% is added to their premium, which is the average of 30% for Kelly (2% x 15 years) and 0% for Angus (who doesn’t incur any Loading).

What’s the best health insurance for a married couple?

The best Couples Health Insurance policy for you is one that gives you the healthcare cover you need for a price that suits your budget. To find the best Couples policy, you need to take into account your financial situation, healthcare needs and family situation.

There’s a wide range of Couples Health Insurance policies on the market, and at healthslips.com.au, we make it easy for you to find every option available. Try our Calculator for free, which is the only comparison calculator that shows you every insurer and every policy available. You don’t have to enter your contact details and since we’re not selling insurance, there’s no pressure to buy.

Try the healthslips.com.au Calculator.

Already got couples cover? Look for a better deal with our Comparison Calculator.