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What is Lifetime Health Cover (LHC) loading and do I have to pay it?

Lifetime Health Cover (LHC) loading is an Australian Government initiative designed to take some burden off the public healthcare system, by encouraging people to take out private hospital cover earlier in life.

If you don't take out private hospital cover by July 1, following your 31st birthday an additional cost of 2% (the loading) will be added to your hospital premium for each year you don't sign up. The loading will increase up to a maximum of 70% and will only be removed after 10 years of continuous private hospital cover. This means if you sign up at the age of 40, you'll pay an extra 20% for Hospital cover, compared to someone who joined at age 31.

You can avoid paying the additional LHC by taking out AAMI hospital cover by 1 July following your 31st birthday. As long as you keep your private hospital cover, you can avoid paying the 2% annual loading. The loading only applies to the hospital component of your premiums and does not apply to Extras cover or Ambulance only cover.


Learn more about hospital cover


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AAMI GENERAL INSURANCE
AAMI Home Building and Home Contents Insurance, Landlord Insurance, Strata Insurance, Car Insurance, Motorcycle Insurance, NSW and SA CTP Insurance, ACT MAI Insurance, Caravan Insurance and Travel Insurance are issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) trading as AAMI. AAMI Business Insurance is issued by AAI Limited ABN 48 005 297 807 AFSL 230859 trading as AAMI Business Insurance. Registered Office, Level 23, 80 Ann Street, Brisbane QLD 4000.

Information provided is general advice only and has been prepared without taking into account any person's particular objectives, financial situation or needs. Read the relevant Product Disclosure Statement or Policy Document available at www.aami.com.au and consider whether it's appropriate for you before making any decisions about whether to buy or continue to hold a product. The Target Market Determination is also available.

AAMI PET INSURANCE
Petinsurance.com.au policies entered into for the first time prior to 07/11/2023 and subsequent renewals of those policies are issued by The Hollard Insurance Company Pty Ltd ABN 78 090 584 473, AFSL 241436, are arranged and administered by PetSure (Australia) Pty Ltd ABN 95 075 949 923, AFSL 420183 (PetSure) and are promoted and distributed by PetSure’s Authorised Representatives (AR) Pet Insurance Pty Ltd ABN 38 607 160 930, AR 1234944 (PIPL) and Platform Ventures Pty Ltd ABN 35 626 745 177, AR 001266101 (under the AAMI brand)(Ventures).

Petinsurance.com.au policies entered into for the first time on or after 07/11/2023 and subsequent renewals of those policies are issued by PetSure and are promoted and distributed by PetSure’s AR, PIPL and Ventures. Any advice provided is general only and does not take into account your individual objectives, financial situation or needs. Please consider the Product Disclosure Statement (PDS) to ensure this product meets your needs before purchasing, or choosing to continue with the product. PDS and Target Market Determination available at Petinsurance.com.au.

*myPetPassTM is a rewards programme provided by PetSure (Australia) Pty Ltd (PetSure). Available only to holders of active Petinsurance.com.au policies. myPetPassTM perks are provided by PetSure and third-party suppliers and also subject to these third-party suppliers’ terms and conditions. myPetPassTM perks and/or the myPetPassTM rewards programme may be amended or withdrawn any time without notice. Full Terms & Conditions available at mypetpass.com.au/terms.

AAMI HEALTH INSURANCE
AAMI Health Insurance is issued by nib health funds limited ABN 83 000 124 381 (nib), a registered private health insurer, and is marketed by Platform CoVentures Pty Ltd ABN 82 626 829 623 (PC), a Suncorp Group company. PC is an authorised agent of nib and receives commission from nib.

AAMI LIFE INSURANCE
AAMI Life Insurance products, other than in some circumstances the Redundancy Benefit, are issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL companies are not part of the Suncorp Group. TAL Life uses the AAMI brand under licence from the Suncorp Group. Redundancy Benefit provided on or before 31st March 2020 was issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) trading as AAMI which is part of the Suncorp Group. New Redundancy Benefit policies and renewals offered from 1st April 2020 are issued by TAL Life. The different entities of TAL and the Suncorp Group of companies are not responsible for, or liable in respect of, products and services provided by the other.

Any advice on this page in connection with the Life products is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV is part of the Suncorp Group and an authorised representative of TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260 (TAL Direct). General advice does not take into account your individual needs, objectives or financial situation. Before you decide to buy or to continue to hold a Life Products you must read the relevant Product Disclosure Statement. The Target Market Determination is also available.

TAL Life is proud to have adopted the Life Insurance Code of Practice (Code). The Code has been developed voluntarily by the Life Insurance industry to promote high standards of service to consumers, provide a benchmark of consistency within the industry, and establish a framework for professional behaviour and responsibilities.

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