Yahoo Finance 31-year-olds considered ‘dependants’ for health insurance
How old is too old to still be considered a dependant? According to these health insurers it’s just gone up to 31 years old.
HCF and ahm have both increased the age of adult dependants and student dependants from 25 to 31, but there’s a catch.
The adult dependant must not be married or in a de facto relationship, and the student dependant must remain in full-time study.
Also read: 3 health insurance hacks to cut costs and save a fortune
Also read: ‘Don’t fall for it’: Aussies told not to pre-pay health insurance
Also read: The $14,582 reason to get private health insurance
HCF CEO Sheena Jack said it was important that health care continued to stay affordable for families.
“We know that cost-of-living pressures are mounting for all Australian families and that means the typical household dynamic is changing,” Jack said.
“More and more young adults, particularly in capital cities, are staying at home with their parents to help ease the burden of cost pressures while studying or establishing early careers.
“This age increase is one way that we can help make health care more affordable for those younger members.”
More Aussies opting out of private health cover
Health insurance costs have skyrocketed in the past two decades, increasing by 195 per cent since 2000.
That’s more than double the rate of inflation over the same period (69 per cent), according to Finder data.
The increase has added almost $2,000 annually to an equivalent $1,000-a-year policy taken out in 2000.
Tim Bennett, health insurance expert at Finder, expected health insurance to keep getting more expensive.
“Over the past year, insurers’ profits have more than doubled while the number of claims decreased,” Bennett said.
“For many, this raises the dilemma of whether to switch or ditch their policy.”
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.
