Retirees Health Cover
If you are a retiree and can afford it, think twice about dropping your private health insurance, because of Lifetime Health Cover.
This means that if you opt out of retirees health cover you have up to three years (subject to circumstances) in which to return, otherwise for every year you're over 30 you will pay 2 per cent more in premiums.
In addition from April 1, 2005 the government now gives those over 65 and 35% rebate and those 70+ a 40% rebate on their private health insurance costs.
For those born before July 1, 1934, are exempt form Lifetime Health Cover age loading. You can join a health fund at any stage and pay the same premium as someone aged 30.
