If you’ve haven’t yet got private health insurance and you turned 31 this year, you should seriously think about signing up.
If you don’t sign up to before June 30, you’ll start to walk into Lifetime Health Cover Loading land, and it’s an expensive place to be. Once you turn 30, a 2% loading is added to your hospital cover costs for every year you’re without hospital cover.
If you're over 32 and on the fence about getting health insurance, it could be worth taking the jump sooner rather than later.
Let’s put that in real terms. Say a health insurance policy is available for $600 per year, well if you only take out your first policy when your 40 – it’s going to cost you 20% more than that – $720 per year.
Here are a few examples:
|Age||Loading||Cost of cover||You’ve had cover since 31||If this is your first hospital cover|
Unless you’re 100% sure you’re never ever going to need any sort of private health cover, it’s a wise move to take it out now.
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