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It pays to join earlier in life
You could pay more for hospital cover depending on what age you first take it out. If you delay joining until you are aged 31 or older, the Federal Government’s Lifetime Health Cover (LHC) Loading means your premium could increase by at least 2% to a maximum of 70%. This applies for 10 years of continuous cover. To avoid paying any Loading you need to have had hospital cover from 30 June following your 31st birthday. You can minimise your Loading by taking out hospital cover as close to this age as possible. For couples, any LHC loadings are shared across both adults on the membership.
For more information on LHC see How to lock in your Lifetime Health Cover.
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30% back in your pocket
The Federal Government Rebate on private health insurance makes it more affordable for you. It’s available to all Australians who have full Medicare rights. It’s quick and easy to claim too – you can choose to get it as a reduced premium or as a lump sum at tax time or claim it through your tax return.
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Get more for your money
Did you know the Government’s 1% Medicare Levy Surcharge kicks in if you don’t have private hospital cover but earn over $80,000 (for singles) or $160,000 (for couples)?* This means you’ll have to pay an extra 1% tax – more than the cost of some of our hospital covers. You should ask your tax adviser for more information or visit ato.gov.au
* Thresholds are effective 1 July 2011 and are indexed annually.
Thinking about starting a family?
If so, taking out or upgrading your private health insurance can ensure you’re covered for important services like childbirth. Then you can rest easy and focus on enjoying life knowing that your health insurance needs are covered.
For your health insurance join us at Bupa.
