Lifetime Health Cover is a Federal Government initiative that encourages people to take out private hospital cover earlier in life and to maintain their health cover.
Under Lifetime Health Cover, if you join any private hospital cover after 30 June following your 31st birthday, you will have to pay a 2% loading on top of the normal health insurance premium for each year you waited before taking out hospital cover, up to a maximum of 70%. For example, if you wait until you’re 40 to take out private hospital cover, you’ll pay 20% more than someone on the same health cover who joined when they were 31. This isn’t just with nib, but every health fund.
By joining nib hospital cover before 1 July following your 31st birthday, and staying with it, you’ll avoid the 2% annual loading. All nib hospital covers (including combined nib Hospital and Extras packages) meet Lifetime Health Cover requirements. Lifetime Health Cover does not apply to Extras cover or Ambulance cover.
Good news! You are not affected by Lifetime Health Cover because you were born on or before 1 July 1934.
Good news! You are not currently affected by Lifetime Health Cover because you are aged under 31 or have turned 31 prior to July 1st.
To avoid paying the Lifetime Health Cover loading in the future make sure you maintain continuous hospital cover from 1st July following your 31st birthday.
All nib hospital covers (including nib Hospital and Extras packages) meet Lifetime Health Cover requirements.
To avoid paying the Lifetime Health Cover loading in the future make sure you take out hospital cover by 1st July following your 31st birthday.
Your Lifetime Health Cover loading = %.
Your loading will increase by a further 2% for each year you don’t have hospital cover (up to a maximum 70%). To minimise your loading in the future you should consider taking out hospital cover.
Good news! You are not currently affected by Lifetime Health Cover because you have had hospital cover continuously since 1st July following your 31st birthday.
To avoid paying the Lifetime Health Cover loading in the future make sure you maintain continuous hospital cover.
The good news is your loading will be removed after 10 years if you maintain continuous hospital cover.
Good news! You are not currently affected by Lifetime Health Cover because you have available 'Days of Absence'.
To avoid paying the Lifetime Health Cover loading in the future make sure you take out hospital cover before a total of 1094 days have passed without cover.
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Invalid date in the health cover range please correct dates to proceed.
When does the loading cease to apply?If you take out private hospital cover after 30 June following your 31st birthday and Lifetime Health Cover loading is applied to your health cover when you join, you will need to pay this loading for 10 consecutive years before it ceases to apply. For more information about the 10 year loading removal, click here.
What if you have a gap in your health insurance?You can be without private hospital cover for periods totalling 1,094 days during your lifetime without affecting your loading. If you have a gap of 1,095 days you will have to pay a 2% loading. For every 365 days without cover after that, your loading will increase by 2%.
New to Australia?As a new migrant to Australia, if you are aged 31 or over, you will not have to pay the Lifetime Health Cover loading if you take out private hospital cover within 12 months of being registered for Medicare. After this time you will have to pay 2% more for each year you are aged over 30 when you take out private health insurance.
Travelling Overseas?If you are an Australian citizen or permanent resident and you are overseas on 1 July following your 31st birthday, you will not have to pay a Lifetime Health Cover loading if you take out hospital cover by the 12 month anniversary of the day you return to Australia.
Who is exempt from Lifetime Health Cover?
For more information about Lifetime Health Cover