#Family #private #medical #insurance
You’re covered by your family’s health insurance until your 21st birthday but things might change once you’ve blown out your candles. Find out below if it’s time you joined nib on your own cover.
Full-time student under 25?
If this sounds like you, you’re most probably a ‘Student Dependant’ and can be covered by your parents’ health insurance policy. If you’re unsure whether you are a student dependant, here’s an easy way to check.
A student dependant is:
- single (this means you can’t be married or in a defacto relationship)
- in full-time study (unfortunately part-time study is not covered); and
- aged between 21 and 25 (you’re covered under your parent’s health insurance until your 21st birthday even if you aren’t studying)
If this is you, then you should be covered under your family’s health insurance policy at no extra cost, whether it’s with nib or any other health insurance provider.
Single, under 25 and not studying full-time?
You’re what we refer to as an ‘Adult Dependant’. Our Extended Family Policy means that you may be able to stay on your family’s cover for an additional fee determined by us, provided you are:
- aged between 21 and 25; and
- single (this means you can’t be married or in a defacto relationship); and
- not studying fulltime
Time to start sweet-talking your parents – they’ll need to call us on 13 16 42 to see if they’re eligible to update their policy and keep you covered.
No longer a dependant and need your own cover?
If you have recently finished full time study or turned 25, you may no longer be covered under your parents’ health insurance.
In this case, if you don’t take out your own cover, you will lose access to important things like private hospital treatment with your choice of doctor, emergency ambulance and Extras like dental and physio.
Your ability to claim immediately when re-joining health insurance may also be impacted. A break in your cover means no continuity and you may need to reserve waiting periods.
For example, if you have a break in your cover, you’ll have to wait 6 months to claim on a new pair of glasses or contact lenses. If optical was covered by your family’s policy, however, and you also choose a policy which includes optical, you may be able to avoid the waiting period on this service.
To maintain your health cover, make sure:
- the level of cover you choose is equal to or lesser than your parent’s cover (you will need to serve any waiting periods for higher benefits)
- there’s no gap between policies. If your family’s policy is with nib already, you’ll have up to 30 days to get your own nib policy organised without affecting your continuity of cover. You’ll need to make sure it’s backdated (and the difference paid for) to start when you came off your parent’s cover, or to when you turned 25. If you’re moving to your own nib policy from a policy held with another health insurer, you’ll have 59 days to join without affecting your continuity of cover.
Importance of the right level of hospital cover:
- Peace of mind
- Helps you avoid long public hospital wait times
- Afford the private hospital treatment you want
- Unlimited emergency ambulance cover
- Avoid the Medicare Levy Surcharge if your income is over certain thresholds
- Avoid paying the Lifetime Health Cover loading by joining before you turn 31
Grab your bank details, Medicare card and the name of your parents’ health fund (if it isn’t nib) and join online today.
For more information about choosing the right health insurance to suit you, or to check your student dependant eligibility, contact us.