Age-based discount

What is the age-based discount on private health insurance?

If you're aged 18-29, you may be eligible to receive an age-based discount on your hospital cover.

• Insurers can offer a discounted premium on hospital cover of 2% each year you are aged under 30 from when you first purchase hospital insurance. This discount is up to a maximum of 10% for 18-25 year olds.
• You can retain your age-based discount until you’re 41 providing you remain on the same cover. These discounts will then be gradually phased out after you turn 41.
• For a member on a $1,200 policy the savings could be up to $120.

Discount % that health insurers can offer:

Members under 30 years old may be eligible to receive a discount on hospital cover based on the table below. The level of discount you’re eligible for is based on your age when you first take out hospital cover.

Frequently Asked Questions

• Does the discount apply to Extras cover?
  Age-based discounts only apply to Hospital cover. If you’re on a combined cover, the discount will apply to the Hospital component of your combined cover only.
  
  
• I’ve moved to Frank from another health insurer – does my discount still apply?
  Yes, we will honour age-based discounts from other health funds. If you were already receiving an age-based discount from your previous fund, your current discount will come across with you to Frank. This is called a retained age-based discount. The level of discount you receive will be verified when your clearance certificate arrives from your previous health fund. We’ll take care of all of this and automatically apply the discount to your premium once it is verified.
  
  You are able to maintain your age-based discount percentage if there is less than a 30 day gap in cover between leaving your previous insurer and joining Frank. 
  
  
• What if I suspend or remove Hospital cover from my policy?
  If you remove your Hospital cover from your policy, the discount will be removed. If you add hospital cover again in the future, the discount will be applied in line with the age you are at the time, if still eligible.
  
  If your cover is suspended within fund suspension rules, your discount will apply as it was previously when you reactivate.
  
  
• Need more information?
  Learn more about age-based discounts or get in touch.