what extra amount you have to pay if you have not had private health insurance in australia at age of 50 ?

In Australia, the extra amount is usually called Lifetime Health Cover (LHC) loading. If you first take out private hospital cover after age 31, you generally pay 2% extra on your hospital premium for each year you were over 30 without it, up to a maximum of 70%.

For example, if you first get hospital cover at age 50, that is 19 years after age 31, so the loading would be 38% extra on the hospital portion of the premium for up to 10 years.

What matters at age 50

• The loading applies to hospital cover , not extras cover.

• It is based on when you first take out hospital cover, not simply on being 50.

• The loading can only apply for 10 years, even if you keep the policy longer.

Other possible cost

You may also have to pay the Medicare levy surcharge if your income is above the threshold and you do not have private hospital cover. That is separate from LHC loading.

Simple example

If you buy hospital cover for the first time at 50 and your base premium is $200 a month, a 38% loading would add about $76 a month, making it about $276 a month for the loading period.

TL;DR

At age 50, the usual extra amount is 38% more on hospital cover premiums if you are taking out private hospital cover for the first time and have not had it before.