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Young Australians to save up to 10% on health insurance

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Party with champagne and confetti

We may not be able to buy houses, but at least we can now afford health insurance.

The government announced today that they will be implementing discounted health insurance premiums for those aged between 19 and 29, along with a raft of other changes, the ABC was told in an exclusive.

The possibility of a lifetime health cover discount (LHCD) has been on the cards for some time now, with a lot of speculation about how it would work and how long the discount would remain in place.

The ABC revealed that the savings won't be a lifetime discount but will remain in effect until the policyholder reaches 40 years of age.

Those choosing to get health insurance between the ages of 19 and 29 will earn themselves a 2% discount on their premiums, up to a maximum of 10%.

This is the opposite of how the lifetime health cover (LHC) loading works. The LHC levies a 2% increase on premiums for those who don't have private hospital cover by the July following their 31st birthday. However, this levy is capped at 70%.

Other changes include a greater focus on mental health services, increased investigative powers for the Private Health Insurance Ombudsman (PHIO) and tiered health insurance policy ratings. Policy ratings will be categorized as Gold, Silver, Bronze and Basic Bronze.

We will follow these changes as more news becomes available.

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