Lifetime Health Cover Loading: Who Qualifies and What You Get
Learn how delaying private hospital insurance after age 31 can increase your health cover costs through premium loadings.
Lifetime Health Cover Loading is a system that applies extra costs to your private hospital insurance premiums if you do not have cover by a certain age.
Who it's for
This applies to Australians who are over the age of 31 and do not currently hold private hospital cover.
What you get
By having private hospital cover before you reach the age threshold, you avoid having extra costs added to your insurance premiums. Taking out cover early prevents a percentage-based increase from being added to your costs for every year you waited.
What it costs you
If you do not have cover by the required age, you will face higher premiums. The cost increase is based on how many years you waited to join a private hospital insurance plan.
The catch to know
The extra cost is not a one-time fee; the loading stays on your policy for 10 years of continuous cover.
How to apply
- Check your current age and insurance status.
- Compare private hospital cover options.
- Contact an insurance provider to sign up for cover.
- Check the official Department of Health website for specific age milestones.