Rates

Rates as at 1 April 2017 

* The Australian Government Rebate on Private Health Insurance is income-tested and applies to all onemedifund products. The rates in the above table are the full rate with the maximum Rebate for under 65s removed (as this is applicable to most contributors). As of 1 April 2014, your Rebate is based on your age, income, CPI (inflation) and average health fund industry increases using a complex Government formula. More information will be available once the Government finalises the changes in April. Please click here to determine your Rebate Tier.

If you are over 30 years old and do not have Hospital cover prior to starting your health cover with onemedifund, you will have a Lifetime Health Cover loading on top of these rates. If you have a Lifetime Health Cover loading, please contact us on 1800 148 626 to confirm your personalised rate for your cover.

Rates Schedule Information

The rate for each private health product can vary as a result of two Government initiatives;

  • Private Health Insurance Rebate; and
  • Lifetime Health Cover Loading.

Private Health Insurance Rebate

See here for more information.

Lifetime Health Cover Loading

Lifetime Health Cover (LHC) commenced on 1 July 2000 as a Commonwealth Government initiative to reward persons who maintain hospital cover. LHC recognises the length of time a person has had private hospital cover with a registered health fund. If you start your cover earlier in life and maintain your hospital cover you will pay a lower contribution rate each year compared to someone who starts their cover at a later age.

Provided you start your private hospital cover by 1 July following your 31st birthday you will not have to pay an additional LHC loading. If however, you delay starting your hospital cover until a later age then your contribution rate will be increased by 2% for each year that you are over 30. The maximum LHC loading of 70% is reached at age 65. People who were born on or before 1 July 1934 are exempt from Lifetime Health Cover and are able to join a health fund at any time in the future and pay the same premium as someone who takes out cover at age 30. LHC loadings cease to apply after 10 years continuous hospital cover (conditions apply).

As of 1 July 2013, the Australian Government Rebate on Private Health Insurance isn't available for the LHC loading of your contributions (if applicable).

Avoid the Medicare Levy Surcharge

The Medicare Levy Surcharge applies to Australian taxpayers who do not have private hospital cover and who earn above a certain income ($90,000 per year for singles in the 2016/17 financial year). The surcharge aims to encourage individuals to take out private hospital cover and, where possible, to use the private system to reduce the demand on the public system.

The surcharge is calculated between 1% and 1.5%, dependent on your household income. It is in addition to the Medicare Levy of 2%, which is paid by most Australian taxpayers. The Medicare Levy Surcharge is imposed on individuals earning over the income threshold who do not have an appropriate level of Hospital cover. The income threshold changes each financial year. You do not have to pay the surcharge if your household income is below the income threshold.

All onemedifund hospital cover exempts you from the Medicare Levy Surcharge.