Health Insurance Calculator

 Find out how to calculate your Lifetime Health Cover loading and health insurance rebate with Savvy. 

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, updated on July 10th, 2023       

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Health Insurance Banner - Couple work out the cost of their health insurance using a calculator

Looking for a health insurance calculator to find out how much your health cover may cost with a lifetime loading added on or after you receive your health insurance rebate? The Australian Government has a range of measures in place to encourage Aussies to get private health insurance before they turn 31. However, life doesn’t always turn out as you had planned, and you may find yourself looking for health insurance for the first time later in life, which may involve a Lifetime Health Cover loading.  

Find out how much extra you may have to pay and what your private health insurance rebate may be here with Savvy. Our informative guide breaks down how loadings and rebates work in Australia to help you work out how much you may have to pay (or be paid). 

What is a Lifetime Health Cover loading and how do I calculate it?

The Lifetime Health Cover (LHC) loading is an additional amount you’ll have to pay on top of the normal cost of your hospital cover health insurance premiums. It only applies to hospital cover, not extras cover. You may have to pay this additional amount when you purchase a policy if you didn’t have health insurance on your LHC base day, which is July 1 following your 31st birthday.   

The loading is 2% extra for each year that you remained uninsured after the age of 30. It's capped at a maximum of 70%. You will have to pay the loading for a maximum of ten years of continuous hospital cover, after which it’ll be removed from your premiums. You can use the Australian Government’s Lifetime Health Cover Calculator to find out how much extra you may have to pay if you didn’t take out health insurance before you turned 31 and are looking to purchase it now. 

What is the private health insurance rebate and how do I calculate it?

The Private Health Insurance Rebate is an amount the Australian Government contributes to assist most individuals and families with the cost of their private health insurance. The amount you will receive is dependent on your income and your age.   

You can use the Australian Government’s Rebate Calculator to find out how much rebate you can claim to assist you with the cost of your private health insurance. Rebate percentages range from 8.2% up to a maximum of 32.8%.  Australians over the age of 65 are entitled to a higher private health insurance rebate percentage. The percentage rebate increases again for those aged over 70, with the rebate percentage usually adjusted by the government on April 1 each year.*

*Figures correct as of April 2023, but subject to change.

Frequently asked questions about calculating your health insurance cost

How do I calculate the Medicare Levy Surcharge payable in a year?

The Medicare Levy Surcharge is payable by individuals and families who earn over the income threshold and choose not to take out hospital cover. The level of Medicare Levy Surcharge you may have to pay will depend on your taxable income for that financial year. It will vary from 1% to 1.5% of your income depending on your income bracket

Is it possible to avoid health insurance premium rate rises?

No – premium rate rises are unavoidable unless you swap health funds and find a cheaper policy. Most health funds increase their premiums on April 1 each year, although in 2023 some funds have delayed their increases until June or even September to assist Australians with the rising cost of living. By comparing the cost of policies through Savvy, you can see if there’s a suitable cheaper policy available if you’re struggling with premium rate rises. 

Are there any exemptions to the Lifetime Health Cover loading?

Yes – there's a range of exemptions available for the LHC loading. These include: 

  • Australians under 31 years of age 
  • Migrants who have only recently become eligible to join Medicare 
  • People who have lived overseas for a considerable period and have only recently returned home to Australia 
  • Those born before July 1, 1934 
Can I claim my private health insurance rebate through my insurer rather than at tax time?

Yes – if you wish to receive the rebate you’re entitled to on a monthly basis, rather than annually at tax time, you can apply to your health fund to have your rebate incorporated into your premiums so you’ll pay less each month. 

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Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of health insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a health insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy’s comparison service is provided by Compare Club. Compare Club compares selected products from a panel of trusted insurers and does not compare all products in the market.

Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.