While many people aren’t impressed with the annual increase in private health insurance premiums, not everybody loses out. If you’re under 30 years of age, you can save some money due to the private health insurance reforms starting 1 April 2019! Find out how the new reforms can give you access to cheap health insurance, while not compromising your cover.
Cheap Health Insurance for Ages 18-29
From 1 April 2019, insurers are able to offer premium discounts on hospital cover for people under 30. The table below details the percentage discount you’re entitled to:
|Person’s age when they become insured under a hospital policy offering discounts||Percentage discount that insurer may offer|
Who Can Access the Age-Based Cheap Health Insurance?
New private health insurance customers can benefit from the discounts, and also existing customers under 30. It isn’t compulsory for insurers to offer these discounts, so be sure to check with your provider. If an insurer does offer these age-based discounts, then they must offer it to existing customers too. So, if you’re under 30 and already hold cover, check if your insurer will be providing a discount.
If you’re an existing policy holder, the discounted rate will apply according to your age when the discounts are introduced. If you took out cover when you were 25, but you were 28 by the time these discounts came into effect, your discount would be 4%.
How Long Do the Discounts Last?
The age-based discount remains with you until age 41. That’s a pretty good deal, because if you took out hospital cover at age 20, you would have a 10% discount for the next 20 years guaranteed.
Compare Deals and Get Cheap Health Insurance
If you think you’re entitled to a discount but your insurer isn’t playing along, why not shop around? So click here and let Billy Sumo find cheap health insurance that suits your needs.