Turning 31 and Health Insurance

I’m always happy to pass on great info, and this is great info! I’ve included a few snippets below lifted from the full article.

Whether or not to purchase private health insurance is a choice that, as an adult, is entirely up to you. However, did you know that if you don’t have hospital cover (as part of a health insurance policy) in place by 1 July following your 31st birthday, a government initiative known as Lifetime Health Cover (LHC) means you’ll pay a loading on any hospital cover premium you decide to purchase down the line? 

What is LHC? 

LHC is a government initiative designed to encourage people to take out private health cover. It does however, penalise those people who elect to forgo private health insurance beyond the age of 31. Basically, if you turn 31 before 1 July in any year and you don’t have hospital cover in place, then you pay a 2 per cent penalty for every year thereafter that you go without private health insurance. 

How can I go about setting up a health insurance policy that is right for me before I turn 31 so can I avoid this LHC thingy and the MLS? 

Luckily, we have some resources that should help you secure a health insurance policy that will meet all your needs. 

If you’re a little hazy on how health insurance works and what all of the different terms and conditions actually mean in practice, we don’t blame you; insurance is an incredibly confusing caper. 

Do you need more detail on this subject? Head on over to the full article HERE for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts [email protected]; or call me on (07) 3243 0000.

Thanks,

Mark