Sweat together, switch together: we answer the most commonly asked questions about couples health insurance
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Coupled up? Starting to combine things like bank accounts and tax returns? Perhaps you’re saving for a house together. What about your health insurance? Yep, combined couples health insurance is a thing. But why would you do it, and how does it work? We’ve crawled the internet for the most common questions partners (and maybe partners-to-be) are asking so we can give you the answers.
1. What is couples health insurance?
So we know a bit about health insurance (you can get a good overview here), but you might be wondering what couples health insurance is. Well, it’s when two become one… policy. That’s right, it’s one policy that covers the both of you. You’ll both receive cover at the same level and for the same things, so when you choose your policy it’s smart to make it work for both of you.
2. Is it better to go with combined health insurance rather than staying single?
One policy. One payment. One bill to worry about. Half the paperwork and admin. Seems a no-brainer, right? Plus, then there’s the peace of mind of knowing you’re both covered, together. One thing to keep in mind is that if one of you has vastly different needs to the other, like you might be happy with the most basic cover while your partner wants comprehensive for all of life’s adventures, it might make sense to have individual policies, but for the average couple, couples insurance might do the trick.
3. Is couples health insurance cheaper than singles? How much is it?
Generally, it costs about the same. The value you get is in the form of convenience. If you’re saving time and dealing with less hassle, then that’s a win, right? More time to get on with doing your thing. But again, if one person in the couple has greater needs than the other, they might need a better, bigger solo policy. It all depends on your situation. It’s worth noting that some policies will cover children at no extra cost until they’re a certain age, so that’s worth looking into.
4. Do I need to be married to get couples health insurance?
No, you don’t need to be married, but you could be. If you’re married, de facto or a registered couple, you could get cover under a joint couples insurance policy.
5. Does couples health insurance save me money at tax time?
This all depends on how much you and your partner earn. For example, singles with an income below $97,000 may be eligible to receive the full private health insurance rebate. But for couples, the threshold is $194,000 all up. So, if you combine your salaries and the total is under $194,000, you may be eligible to get the full rebate. Keep that in mind when deciding to go in together. Be sure to check the ATO’s special definition of income for MLS purposes to make sure you understand whether you may be eligible for these tax savings. This stuff does get a bit tricky, so be sure to chat to an expert (like an accountant) about your own situation.
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