The Government Lifetime Health Cover (LHC) loading
LHC is a loading on top of the standard premium you pay for health insurance, if you don’t take out hospital cover by 1 July following your 31st birthday. If you wait until after you’re 31 you’ll pay an extra 2% loading for each year you wait, up to a maximum loading of 70%.
The Medicare Levy Surcharge
This surcharge imposed on people who earn above a certain level of income and who don’t have private hospital cover, in addition to the standard Medicare Levy of 2% that is paid by most Australian taxpayers to fund Medicare. The family income threshold is increased by $1,500 for each child after the first.