Part Part 10 - Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2024 - Lifetime Health Cover

Part 10 Lifetime Health Cover

Lifetime Health CoverLifetime health cover	A private health insurer must increase the amount of premiums payable for hospital cover in respect of an adult if the adult did not have hospital cover on his or her lifetime health cover base day.The amount of the increase is worked out as follows:
Lifetime health cover age	In relation to an adult who takes out hospital cover after his or her lifetime health cover base day, means the adult’s age on the 1 July before the day on which the adult took out the hospital cover.
Lifetime health cover base day	Is generally the 1 July following the adult’s 31st birthday.(Division 34, Private Health Insurance Act 2007)Except for Norfolk Island residents for whom it is the later of 1 July 2017 or the 1 July following the resident’s 31st birthday
base rate	Means the amount of premiums that would be payable for hospital cover before any discounting.If the person was born on or before 1 July 1934 then Lifetime health cover does not apply to the person.(Division 34, Private Health Insurance Act 2007)
Certified age of entry	Is the lifetime health cover age.
Loading	Is the percent above the base rate that the adult must pay for membership up to a maximum of 70%.
Loading removed	A private health insurer must stop charging premiums above the base rate for hospital cover in respect of an adult, if the adult has had hospital cover:(a) for a continuous period of 10 years; or(b) for a period of 10 years that has been interrupted only by permitted days without hospital cover (none of which count towards the 10 years).(Division 34, Private Health Insurance Act 2007)(c) Note: permitted days without hospital cover is defined in 34-20 of the Private Health Insurance Act 2007.

Part 10Lifetime Health Cover

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