Jargon-busting the most common private health insurance terms
Health cover terms can be confusing so let's break them down
The Lifetime Health Cover loading was put in place by the Federal Government to encourage more young people to take out private health insurance.
If you don’t take out private Hospital Cover before July 1 after you turn 31, you’ll pay a 2% loading on top of your premium. For every year you put off signing up for Hospital Cover, another 2% will be added.
At nib, we believe understanding your health cover should be simple, so we’ve put together a short video to explain what the Lifetime Health Cover Loading is and how it could affect you.
Want to avoid paying the LHC? Simply join any nib Hospital Cover before the 1st of July (following your 31st birthday). So long as you keep your private Hospital Cover, you can avoid paying the 2% annual loading. You can get a quote in just a few minutes.
If you want more information about the Lifetime Health Cover Loading, you can visit our FAQs page, or call us on 13 16 42.