Under Lifetime Health Cover (LHC), you’ll pay a 2% loading on top of the normal premiums for each year you don’t have hospital cover, over age 31. This isn’t just with nib, but every health fund.
By joining a hospital cover by July 1st following your 31st birthday, and staying with it, you’ll avoid paying the 2% annual loading (it’s like being 31 forever). If you wait until you’re 40, you’ll pay 20% more than someone on the same cover who joined when they were 31.
After 10 years of continuous hospital cover, an individuals LHC loading will be removed. For details, click ‘more info’ below.
More info