There are a number of factors that affect your health insurance premium, including:

Your age

The age at which you first take out health insurance can impact your premium due to Lifetime Health Cover regulations. By taking out hospital cover before 1 July following your 31st birthday, you can lock in the lowest premium possible. If you take out hospital cover after this time, you’ll be required to pay a 2% loading for each year you were without cover from the age of 30.

The maximum age loading is 70% and your loading will be dropped altogether once you’ve held hospital cover continuously for 10 years.

Your income

Depending on your taxable income, you may be eligible to receive the private health insurance rebate. The rebate is currently tiered by income and age brackets, ranging from 10% through to a maximum of 40%.

Your status

Your status will affect your health insurance premium:

  • Single policies – cover one adult only
  • Couples policies – cover two adults and is equal to the price of two equivalent single covers
  • Family policies – cover two adults and any dependent children, and is equal to the price of a couples policy
  • Single parent policies – cover a single adult and any dependents

Your policy

The policy you select will be the greatest determinant of price, as policies can range from comprehensive (most costly) through to basic (budget policies). The level of cover you select will impact the pricing of your policy, as well as any excess or co-payment options you choose.

So, what are you waiting for?

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