Lifetime Health Cover loading (LHC)
The LHC is a Government initiative to encourage people to take out hospital cover earlier in life. As long as you take out hospital cover before you turn 31 it won’t affect you. But if you join after July 1 following your 31st birthday then you’ll pay money on top of your membership premium.
The LHC loading is 2% on top of your normal premium for every year you are over 30 when you join. For example, if you’re 40 when you join, you’ll be paying 20% more in membership premiums every year than people who joined earlier. This increases to a maximum of 70% at the age of 65.
Limits
Everyone has their limits, even Frank. Limits refer to the maximum you can claim for a particular service or treatment in a calendar year. Limits can also apply on the number of times refunds are payable for the same service – such as initial consultations.