Retirees Health Cover

If you are a retiree and can afford it, think twice about dropping your private health insurance, because of Lifetime Health Cover.

This means that if you opt out of retirees health cover you have up to three years (subject to circumstances) in which to return, otherwise for every year you're over 31 you will pay 2 per cent more in premiums,capped at 70%

In addition the government provides a higher rebate for people aged over 65 (and even higher for people over 70) on private health insurance costs. However the private health insurance rebate is means tested. This means the level of your rebate will depend on your annual income, age and the number of dependant children you have.

For those born before July 1, 1934, are exempt from Lifetime Health Cover age loading. You can join a health fund at any stage and pay the same premium as someone aged 30.

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