Government Extended the age of children to be considered as “dependents” under family health insurance policies.

As part of the government’s 2020-21 budget, the age of children to be considered as “dependents” under family health insurance policies has risen.

From April 1 this year, the maximum age of a dependent for a private health policy will be increased to 31.

The reasoning behind this is to give young people more time before facing financial decisions, especially in the wake of one of the hardest youth employment years in recent memory.

Why is the government making this change?

There are several reasons why the age limit is being increased. Data has shown that young people are dropping private health cover at a steady rate over the past five years or so.

Conceivably, by extending the age limit to a time where young people are more likely to have higher paying jobs and be more financially secure, the more likely they are to take out their own policies.

As young people decide to drop private health cover, the remaining age of those who still have the insurance rises.

This, as a result, tends to make premiums go up. So as the government theories in its budget papers, keeping young people covered keeps insurance cheaper overall.

“Allowing dependents to remain on the family policy until the start of Lifetime Health Cover provides them with a clear moment for decision about maintaining their PHI, and increases PHI’s attractiveness to young people,” the government said in its Budget.

Source: https://www.9news.com.au/national/private-health-insurance-changes-explained-age-of-dependants-rises-to-31/39146278-279c-4938-828e-d63972f56996

RSS Latest Press Release

  • The Mold Girl Ramps Up Annual Air Quality Testing Following High Demand
    Daniel Island, SC – Entrepreneur Elizabeth Keefer, aka The Mold Girl, is stepping up to meet demand from worried residents concerned about their homes being afflicted with significant health hazards.   Keefer, a well-respected council-certified indoor environmental professional, is now offering annual air quality testing for homeowners worried their homes could have mold, allergens, or other […]
  • Wendy's and Google Cloud partner to enhance the Wendy's restaurant experience
    Wendy's®  and Google Cloud today announced a partnership to enhance Wendy's restaurant experience and unlock new customer, restaurant, and employee experiences through data-driven insights.Wendy's intends to leverage Google Cloud's data analytics, artificial intelligence (AI), machine learning (ML), and hybrid cloud tools to create new ways customers can order food in the drive-thru, on their mobile […]
  • Unique Custom Marine Vault Launches New Storage Boating Facility
    Pompano Beach, FL: A new 25,000 sqft boat storage warehouse has opened to offer the best complete boat care service in Florida’s Pompano Beach.   Owned and operated by Unique Custom Marine Vault, the unit is a safe and secure marine facility with an in-house mechanic and boat transporters.    “If you are looking for a […]
  • Dreamstime launches the "Cover of the Year 2021 in Romania" contest with prizes totaling 7,500 Euros.
    Dreamstime, the world’s largest stock photo community, together with Cărturești and PressOne, announces the launch of the "Cover of the Year 2021 in Romania" contest for book cover illustrations. Publishers or graphic artists who have published books with original covers throughout 2020 and 2021 are invited to participate. Participants can submit covers using stock media […]