The Benefits of Lifetime Health Cover
Lifetime health cover is available all over Australia and offers many benefits. This is something worth looking into to help you save money in the long term. Here are just some of the ways that you and your family could benefit from this cover.
Pay Less Over the Long Term
Once you reach the age of 31, you will start to pay more than someone else if you have not taken out health cover – or if you let it lapse. The LHC will help to reduce the amount that you pay and encourages you to keep up the payments on your medical insurance. For example, a 40 year old taking out cover for the first time will end up paying 20% more than someone who is 10 years younger and a 40 year old who is renewing their cover.
By taking out LHC for 10 years continuously, you will end up paying the same as those who have always had the health cover, which saves you in the future.
Can Have Gaps in Your Cover
By having lifetime health cover, you will be able to have gaps in your cover, as long as they do not exceed three years minus a day (1094 days). This means that you can go overseas to study and take up the cover during the holidays and avoid paying any of the extras that those without it will need to pay. It also allows you to switch funds penalty free.
The good news is that those days you spend overseas are not included within the 1094 days. This means that you can cancel your private cover and study abroad with the lifetime cover and not have to pay any of the extra fees later in your years. If you return to Australia, you will only be able to stay in the country for 90 days on a continuous basis to be considered as overseas.
There are many benefits to taking out lifetime health cover. While it may seem like an extra cost, you will save yourself and your family money in the future. This is something to look into to help fund your hospital cover.