About Lifetime Health Cover
This Federal Government initiative is designed to encourage people to take out hospital cover early in life and maintain it, by allowing them to pay lower premiums throughout their life compared with others who take out hospital cover when they’re older, or who allow their cover to lapse for long periods.
Under the current LHC provisions, people who do not have private hospital cover on the 1st of July following their 31st birthday must pay more for their premiums. They must pay a 2% loading on top of a base rate Single- Member premium (or their share of a Couple or Family premium) for each year they remain without hospital cover.
Example
Bob turned 31 on 1 Dec 2007. If he takes out cover by 1 July 2008, he will pay the base rate premium. If he takes out cover on 2 July 2008, he will pay a 2% loading. If Bob further delays taking out hospital cover, for every subsequent year ending 30 June, he will pay an additional 2% loading.
Permitted Days
In most circumstances, the loading will also apply (or increase) if you drop your cover for a period or periods totalling three years or more (more than 1,094 days).
The permitted days for which you can drop your cover without incurring a loading are:
- periods during which you are overseas for a continuous period of more than one year (you will still be treated as being overseas during any period of return that lasts fewer than 90 days).
- periods of suspension granted by your health fund
- any further periods that, in combination, amount to 1,094 days or less.
Loading Removal
Where a LHC loading has been applied to your premium, we will remove the loading after you have held an appropriate hospital cover for a continuous period of 10 years.
Exceptions
People who were born on or before 1 July 1934 can take out hospital cover at any time and will always pay base rate premiums.
Special rules apply to Australians returning from overseas, Norfolk Islanders, Veterans’ Affairs Gold Card holders, former members of the Australian Defence Force, staff of the Australian Antarctic Division of the Department of Environment and Water Resources, refugees and all other categories of migrants to Australia.
Federal Government Rebate
The Federal Government 30% Rebate on private health insurance is calculated after a Member’s premium rate is established – including any applicable loading.
For more information, please call us on 132 331.
The premiums shown on this website are the base rate premiums for Members who do not have to pay a loading.
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