What is the age-based discount on private health insurance?
Australians aged 18-29 years of age will be eligible to receive up to 10% discount on their private hospital insurance premiums
- From 1 April 2019, insurers can offer a discounted premium on hospital cover of 2% each year you are aged under 30 from when you first purchase hospital insurance. This discount is up to a maximum of 10% for 18-25 year olds
- For a member on a $1,200 policy the savings will be up to $120
- You can retain your age-based discount until you’re 41 providing you remain on the same cover. These discounts will then be gradually phased out after you turn 41.
- The discount is only available on selected products but is available to new and existing policy holders.
Why are there age-based discounts for hospital cover?
Young Australians, under the age of 30 have some of the lowest rates of private health insurance. In the event they need healthcare it’s harder for them to choose who treats them and access shorter waiting times.
Encouraging more young Australians to take out health insurance, if they can afford it, supports the viability and sustainability of the private health insurance system.
How will this impact my premium in the future?
Young Australians will be able to save up to 10% on their hospital cover with age-based discounts on hospital insurance premiums.
Frank has a range of eligible age based discount private health insurance covers.
|Member’s age when they become insured on an eligible hospital product offering age-based discount
||Percentage discount applied
||Your discount every year until you're 41 on a $1,200 policy, providing you remain on a hospital product that’s eligible for age-based discounts.
|18-25 year old discount
|26 year old discount
|27 year old discount
|28 year old discount
|29 year old discount
|30 year old discount
Where can I find out more information?
The Department of Health has a lot of useful information and a range of helpful fact sheets.