Health Insurance Calculator
Find out how to calculate your Lifetime Health Cover loading and health insurance rebate with Savvy.
Fact checked
Looking for a health insurance calculator to find out how much your health cover may cost with a lifetime loading added on or after you receive your health insurance rebate? The Australian Government has a range of measures in place to encourage Aussies to get private health insurance before they turn 31. However, life doesn’t always turn out as you had planned, and you may find yourself looking for health insurance for the first time later in life, which may involve a Lifetime Health Cover loading.
Find out how much extra you may have to pay and what your private health insurance rebate may be here with Savvy. Our informative guide breaks down how loadings and rebates work in Australia to help you work out how much you may have to pay (or be paid).
What is a Lifetime Health Cover loading and how do I calculate it?
The Lifetime Health Cover (LHC) loading is an additional amount you’ll have to pay on top of the normal cost of your hospital cover health insurance premiums. It only applies to hospital cover, not extras cover. You may have to pay this additional amount when you purchase a policy if you didn’t have health insurance on your LHC base day, which is July 1 following your 31st birthday.
The loading is 2% extra for each year that you remained uninsured after the age of 30. It's capped at a maximum of 70%. You will have to pay the loading for a maximum of ten years of continuous hospital cover, after which it’ll be removed from your premiums. You can use the Australian Government’s Lifetime Health Cover Calculator to find out how much extra you may have to pay if you didn’t take out health insurance before you turned 31 and are looking to purchase it now.
What is the private health insurance rebate and how do I calculate it?
The Private Health Insurance Rebate is an amount the Australian Government contributes to assist most individuals and families with the cost of their private health insurance. The amount you will receive is dependent on your income and your age.
You can use the Australian Government’s Rebate Calculator to find out how much rebate you can claim to assist you with the cost of your private health insurance. Rebate percentages range from 8.2% up to a maximum of 32.8%. Australians over the age of 65 are entitled to a higher private health insurance rebate percentage. The percentage rebate increases again for those aged over 70, with the rebate percentage usually adjusted by the government on April 1 each year.*
*Figures correct as of April 2023, but subject to change.
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Disclaimer:
Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of health insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a health insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.
Savvy’s comparison service is provided by Compare Club. Compare Club compares selected products from a panel of trusted insurers and does not compare all products in the market.
Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
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