Turning 31?
I’m turning 31 and I’ve been told I need to get health insurance
If you’re turning 31 and you don’t have hospital cover, the sooner you get health insurance, the more you’ll save for life.
Here’s how it works: Under the Government’s Lifetime Health Cover scheme, you will incur a 2% penalty for each year you wait to take out private hospital cover (after you turn 31). And this penalty applies on private health cover for the rest of your life - that's why it's a good idea to start making health insurance plans.
For example: Hospital cover at 31 may cost you $100 per month. Take out the same hospital cover at 35 and it will cost you $108 per month. So it really pays to begin thinking about your health insurance plans now.
All HBA Hospital covers will protect you from the Lifetime Health Cover loading on private health cover.
