If you turn 31 on or before 30 June 2016, this is your year to get Private Hospital Cover to avoid paying extra. If you are older, the clock is ticking, and you are accruing the loading.
Lifetime Health Cover (LHC) is an Australian Government scheme that will penalise you 2% per year that you do not have Private hospital insurance. It is designed to encourage people to take out hospital cover earlier in life and maintain the cover.
The 2% might sound marginal, but if you wait until your 50th birthday you will be paying 40% extra than others, and this will continue up to 70% loading on the fund premium at the life stage that you will most need it.
This loading only applies to the Hospital cover, and you are only required to take out a basic cover to avoid loading.
CLICK HERE to find out more or call us on 1300 788 282 to discuss your options.
l300 788 282