What is lifetime loading and does it apply to me?

Lifetime loading is a scheme introduced by the Government to encourage people to take out Private hospital cover and maintain their policy. This scheme adds a loading of 2% to your premium per year for over the age of 30 that you spend without Health Insurance.

Understanding Lifetime Health Cover

From July 2000, people aged 30 or under who take out (and keep) hospital cover will pay lower premiums throughout their lifetime than those who don’t. Those who join from age 31 on will pay a higher premium on the basic private hospital insurance rate (two per cent) for each year that they were over 30 on joining.

For example someone joining private health insurance at age 35 would have to pay an extra 10 per cent more than someone who joined at age 30. (There are no age penalties for ancillary cover.)

So if you wait till you’re 35 to get health insurance you’ll be paying 5 years X 2% = 10% extra for health insurance! FOR 10 years of continuous cover.

This loading is unavoidable and will just keep increasing if you don’t take out cover prior to your 31st birthday.

  • If you purchase health insurance prior to 31st birthday then LHC does not apply.
  • Born before 1st July 1934? You are exempt from LHC.

So stop the loading in its tracks and purchase health insurance today!