IN MAY 2015, the government introduced the Lifetime Community Rating (LCR) legislation to incentivise younger people to get health insurance, which is essential for the viability of our community-rated system.
This means that everyone should pay the same for their health cover irrespective of age, gender or medical history. As a result of the LCR, anyone who doesn’t get health insurance before they turn 35 will be liable for ‘age loadings’ equivalent to an additional 2% for each year over the threshold.
It’s estimated that approximately 100,000 people took out health insurance in recent years to beat these loadings, as a health analyst outlines here.
We want to know: Do you have health insurance?
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