I'm 22 years old and still at University for a few more months, but recently started a new job in April that pays $110-120k per annum. I'm on my parent's private health insurance plan with HCF and I believe the only time I have actually used this cover is when getting a free dental clean/checkup twice a year. I used the ATOs Medicare Levy Calculator to get an estimate of $2,300 when inputting my new salary.
At what point does it make financial sense to get my own private health insurance? ASAP, or wait a few more months until the next financial year starts?
Or perhaps I should wait until I'm closer to the Lifetime Health Cover Loading limit (31 years old)?
Is a basic private health insurance plan more or less than the Medicare Levy?
I'm really interested in hearing the OzBaragin Community's thoughts and insights on the best way to approach Private Insurance in Australia.
EDIT: For anyone else seeing this post and asking themselves the same question, check out Do I Need Health Insurance