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Under Lifetime Health Cover, people taking out private hospital cover may have to pay a loading on their premium. This loading varies depending on their age.
A 2% loading is applied on top of the normal annual premiums for every year a person is aged over 30 when they first take out hospital cover. Under the initiative, your age is determined by how old you are on July 1 prior to joining.
You will not have to pay the Lifetime Health Cover loading, if you:
- are 30 or under
- purchased private hospital cover before 1 July 2000 and have maintained it since
- were born on or before 1 July 1934.
As members may need to discontinue their membership for brief periods, Lifetime Health Cover allows a period or periods of absence through a member’s lifetime without affecting their certified age of entry. However, after a total of two years absence, their certified age of entry will in most cases increase by one year for each additional full year of absence.
With ANZ Health you can take advantage of the Federal Government’s Rebate on private health insurance premiums. You can claim the Rebate on both your Hospital and Extras premiums.
If you are aged under 65, the Rebate is 30% reducing your premiums by almost one third. If you’re aged between 65 and 69 years, the Rebate increases to 35%. And if you’re aged 70 years or over, it is 40%.
The Rebate is available to all Australians who are eligible for Medicare and you can choose to have the Rebate automatically deducted from your premium payment.
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