There comes a time in your life when you finally have to break free … from your family health insurance policy, that is. Even if you still live with your parents, you may not be able to piggy-back off their policy when you reach a certain age.
According to recent research1, 17% of Millennials are still covered under their parents’ health insurance policies. But it won’t be long before these guys – the youngest of whom would be about 17 in 2017 – have to think about going it alone.
It all depends on your family health fund’s definition of a dependant. Some funds are more forgiving than others, giving you a few extra years to enjoy the protection of your parents’ policy. Others encourage you to leave the nest earlier, and offer great basic protection for youngsters like you while you find your feet.
Here are the most common criteria for kicking you out:
Remember, every fund has its own rules and cut-off ages. Make sure you’re clear on the rules relating to your family health insurance policy early on, so you’ve got plenty of time to formulate a plan of attack for getting your own health insurance.
Just because you’re no longer able to use your parents’ policy (thanks, Mum and Dad!), it doesn’t mean you should forget about health insurance altogether.
In fact, the smartest thing you can do is switch straight into your own policy. Look for a policy that suits young people like you – it certainly wouldn’t make sense to pay for things like hip replacements or cataract surgery right now, would it?
There are plenty of very affordable health insurance policies on the market that give you the benefits of health insurance without causing a big dent in your weekly budget.
A great place to start is to compare a few funds side-by-side to give you an idea of what your options are. The iSelect health insurance comparison tool makes this job easy – or, you can simply call us on 13 19 20 to get started.
1. PHI Premium Increases, Galaxy Research, February 2017
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