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Private Health Insurance (age loading)

Private Health Insurance (age loading)

Old Nov 29th 2002, 1:07 am
  #1  
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Default Private Health Insurance (age loading)

Hi,

I wonder if anyone can please help me out on this. I'm looking at getting private health insurance and wanted to know about the age loading (2% for every year above 30) when we start the scheme.

One person I asked said that, as we're newly arrived with a PR visa (Employer sponsored subclass 121), if we take out insurance within 3 months of arriving then we don't have to pay the loading. I phoned up one insurance company and they said the grace period was 12 months. I've just phoned another insurance company and they've said there is no grace period.

Does anyone have experience? Is it 3 months, 12 months, or nothing?

Many thanks in advance.
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Old Nov 29th 2002, 1:13 am
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Default Re: Private Health Insurance (age loading)

So far as I know there's no exemption from the Lifetime Health Cover premium for incoming migrants.

I believe there was an exemption at one time, but that it isn't around any more.

Best regards.



Originally posted by JustArrived
Hi,

I wonder if anyone can please help me out on this. I'm looking at getting private health insurance and wanted to know about the age loading (2% for every year above 30) when we start the scheme.

One person I asked said that, as we're newly arrived with a PR visa (Employer sponsored subclass 121), if we take out insurance within 3 months of arriving then we don't have to pay the loading. I phoned up one insurance company and they said the grace period was 12 months. I've just phoned another insurance company and they've said there is no grace period.

Does anyone have experience? Is it 3 months, 12 months, or nothing?

Many thanks in advance.
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Old Nov 29th 2002, 3:04 am
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Default Re: Private Health Insurance (age loading)

Originally posted by JustArrived
Hi,

I wonder if anyone can please help me out on this. I'm looking at getting private health insurance and wanted to know about the age loading (2% for every year above 30) when we start the scheme.

One person I asked said that, as we're newly arrived with a PR visa (Employer sponsored subclass 121), if we take out insurance within 3 months of arriving then we don't have to pay the loading. I phoned up one insurance company and they said the grace period was 12 months. I've just phoned another insurance company and they've said there is no grace period.

Does anyone have experience? Is it 3 months, 12 months, or nothing?

Many thanks in advance.
Yeah we were initially told that if we provided proof of previous overseas PHI, within 6 months, we would get a reduction on this loading for every year of this (the previously held PHI) - long story but in the end confirmed with Dept. of Health that there was an exemption for a short time and that it no longer pays.i.e. NO REDUCTION on the loading They ( DOH) say this is the situation but that many of the PHI reps are still 'a bit confused?!?'

However bring proof of exactly what your UK policy covers because some of the Health Insurers will waive all or some of the waiting periods for certain conditions (e.g. contact lenses/specs).

DPR
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Old Nov 29th 2002, 6:57 am
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We've just joined Medibank Private (2 adults / 2 children) 5 months after arriving in Perth and received no concessions other than the 30% medicare reduction from the Government.

We are both 34 and were told the premium was loaded by 2% for every year over the age of 30 - our total monthly premium is $151.40.
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Old Nov 29th 2002, 1:30 pm
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Originally posted by Kath
We've just joined Medibank Private (2 adults / 2 children) 5 months after arriving in Perth and received no concessions other than the 30% medicare reduction from the Government.

That's it - same with us. Also with Medibank Pvt and 2% loading x 14 for me (age 44). The 30% Medicare rebate can be taken off you monthly premium at the time or you can pay full premiums and claim the full rebate at the end of the tax year. Why anybody would choose the latter option is beyond me - perhaps Alan Collet might know of circs where this would be a better option.

We are, however, in the process of trying to get the waiting times waived on the basis that we have had similar cover for over 15 years.

DPR

PS just come back from a fantastic world cup hockey match in Perth - Hockeyroos vs England; the Barmy army failed to show up in force so England when down but at least with a spirited fight!!
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Old Nov 30th 2002, 12:18 pm
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Hi,

We've been here 4 mnths now, ( Bris ) and there's no exemption from the loading, sorry.

Chris.
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