What is the age-based discount on private health insurance?

If you're aged 18-29, you may be eligible to receive an age-based discount on your hospital cover.

  • 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.
  • 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 has been previously only been available on selected products, but as of 1 April 2023, the age-based discount will be available on all Frank hospital products, to new and existing eligible policy holders.
  • For a member on a $1,200 policy the savings could be up to $120.

What discount am I eligible for?

The level of discount you will be eligible for is based on the age you are on 1 April 2023, when Frank made the discount available on all Hospital products.

For example:
If you’re 27 years old as at 1 April 2023 and are currently on a Frank hospital cover, you would be eligible for a 6% discount on your premium (single policy), applied from 1 April 2023 onwards. That 6% discount would remain applied to your premium until you turn 41 (as long as you retain eligible hospital cover). It then reduces by 2% each year until the discount no longer remains.

Age on 1 April 2023 with existing Frank Hospital cover Percentage discount applied Your discount every year until you're 41 on a $1,200 policy, providing you maintain hospital cover 
18-25 year old  10% $120
26 year old  8% $96
27 year old  6% $72
28 year old  4% $48
29 year old  2% $14
30 year old  0% $0

For members already receiving the age-based discount on selected Frank Hospital products (prior to 1 April 2023), your discount level will remain the same. 

For members who join after the age-based discount is implemented on all Frank hospital products on 1 April 2023, the level of discount you will be eligible for is based on the age you are when you first joined Frank hospital cover.   

Frequently Asked Questions

  • When will I receive my discount?
    Frank will be offering age-based discounts for eligible members on all Hospital products as of 1 April 2023. If you’re an existing member who will be eligible for this discount, you will receive a communication with further details in mid-March 2023.

  • Does the discount apply to Extras cover?
    Age-based discounts only apply to Hospital cover. If you’re on a combined cover, the discount will apply to the Hospital component of your combined cover only.

  • I’ve moved to Frank from another health insurer – does my discount still apply?
    Yes, we will honour age-based discounts from other health funds. If you were already receiving an age-based discount from your previous fund, your current discount will come across with you to Frank. This is called a retained age-based discount. The level of discount you receive will be verified when your clearance certificate arrives from your previous health fund. We’ll take care of all of this and automatically apply the discount to your premium once it is verified.

    You are able to maintain your age-based discount percentage if there is less than a 30 day gap in cover between leaving your previous insurer and joining Frank. 

  • What if I suspend or remove Hospital cover from my policy?
    If you remove your Hospital cover from your policy, the discount will be removed. If you add hospital cover again in the future, the discount will be applied in line with the age you are at the time, if still eligible.

    If your cover is suspended within fund suspension rules, your discount will apply as it was previously when you reactivate.

  • Need more information?
    Learn more about age-based discounts or get in touch.