Private Health Insurance Act 2007

CHAPTER 2 - INCENTIVES  

PART 2-3 - LIFETIME HEALTH COVER  

Division 34 - General rules about lifetime health cover  

SECTION 34-1   INCREASED PREMIUMS FOR PERSON WHO IS LATE IN TAKING OUT HOSPITAL COVER  

34-1(1)    
A private health insurer must increase the amount of premiums payable for ^[*]

To find definitions of asterisked terms, see the Dictionary in Schedule 1 .

hospital cover in respect of an ^[*]

To find definitions of asterisked terms, see the Dictionary in Schedule 1 .

adult if the adult did not have hospital cover on his or her ^[*]

To find definitions of asterisked terms, see the Dictionary in Schedule 1 .

lifetime health cover base day.

34-1(2)    
The amount of the increase is worked out as follows:

(Lifetime health coverage − 30) × 2% × ^[*]

To find definitions of asterisked terms, see the Dictionary in Schedule 1 .

Base rate

where:

base rate
, for ^[*]

To find definitions of asterisked terms, see the Dictionary in Schedule 1 .

hospital cover, is the amount of premiums that would be payable for the cover if:

(a) the premiums were not increased under this Part; and

(b) there was no discount of the kind allowed under subsection 66-5(2) .

lifetime health cover age
, in relation to an ^[*]

To find definitions of asterisked terms, see the Dictionary in Schedule 1 .

adult who takes out ^[*]

To find definitions of asterisked terms, see the Dictionary in Schedule 1 .

hospital cover after his or her ^[*]

To find definitions of asterisked terms, see the Dictionary in Schedule 1 .

lifetime health cover base day, means the adult ' s age on the 1 July before the day on which the adult took out the hospital cover.