Medibank and ahm have announced they will extend the age of adult dependants from 25 to 31.
The change, which is effective from 18 August 2022, means adult dependants can remain on their parent’s Medibank and ahm private health insurance policies until they turn 31 when the Lifetime Health Cover (LHC) loading commences.
The company said the latest census data revealed there are over 450,000 people aged between 25 and 34 living with their parents – an increase of 17 per cent since the previous census in 2016.
Medibank Group executive Milosh Milisavljevic said the change will ensure more younger people remain in private health insurance, as well as help with cost-of-living pressures.
“We want younger customers to remain in private health insurance to ensure they are covered for the unexpected, while also taking some of the pressure off the public health system,” said Mr Milisavljevic.
“Having the policy extend to age 31 when the Lifetime Health Care loading takes effect, gives them a clearly defined date to make a decision about their own private health insurance needs.
“It also gives parents peace of mind that their children are continued to be covered under their health insurance policy for a little longer,” he said.
Medibank said it also offers a youth discount that remains in place until the age of 40 if they obtain their own cover before the age of 30.
“With more younger people joining Medibank, we’re really focused on ensuring we have the right products that cover things that are important to them, such as mental health support, discounted gym memberships, as well as rewarding them for staying healthy with our Live Better program,” added Mr Milisavljevic.