Consumer group says it’s cheaper to pay lifetime health cover loading for being uninsured than take out low-quality cover

Young people may be worse off if they take out private health insurance early, despite a lifetime government penalty for being uninsured, the consumer group Choice has said.

If you do not have hospital cover on your lifetime health cover base day (the later of 1 July 2000 or 1 July after your 31st birthday) you will pay a 2% lifetime health cover loading on top of your premium every year. The loading rises by two percentage points a year to a maximum of 70%.

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