‘Lifetime Health Cover’ is a Government initiative designed to encourage people to take out private hospital insurance earlier in life and maintain their cover.

People who delay taking out cover will pay a 2% loading on top of their premium for every year they’re aged over 30 when they first take out private hospital cover and the loading applies for 10 years. For example, if you took out private hospital cover for the first time at the age of 40, you would have an additional 20% on your premium every year for 10 years.

Consider taking out hospital cover before you’re 31 to avoid higher premiums.