What is a Young Adult Discount and are you eligible?
Health insurers can offer age-based discounts on hospital cover to help make private health insurance more affordable for young Australians aged 18 to 29. At Medibank, many of our hospital covers include the Young Adult Discount, giving eligible members a percentage off their premiums based on the age they first take out cover.
The discount you receive depends on your age when you first take out an eligible hospital cover and ranges from 10% (if you take out cover before the age of 26) to 2% (if you take out cover at the age of 29). This means if you’re aged between 18-25, you’re entitled to the full 10% discount.
The discount is ongoing, which means if you keep your eligible hospital cover, your discount remains until you turn 41. From then, the discount will reduce by 2% per year until it reaches zero.
What discount can I get?
| Age | % Youth Discount |
|---|---|
| 18-25 years old | 10% |
| 26 years old | 8% |
| 27 years old | 6% |
| 28 years old | 4% |
| 29 years old | 2% |
To be eligible you’ll have to have your own policy or a policy with your partner, you can’t be a dependant on your parents’ policy.
If you are on a Couples or Family policy, the discount is calculated by taking an average of the discount applied to the adults on the hospital cover. So, if one person has 10% discount and their partner has no discount, or 0%, the discount applied is 5% overall.
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