Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A private health insurer must increase the amount of premiums payable for * hospital cover in respect of an * adult if the adult did not have hospital cover on his or her * lifetime health cover base day.
(2) The amount of the increase is worked out as follows:
where:
"base rate" , for * hospital cover, is the amount of premiums that would be payable for the cover if:
(a) the premiums were not increased under this Part; and
(b) there was no discount of the kind allowed under subsection 66‑5(2).
"lifetime health cover age" , in relation to an * adult who takes out * hospital cover after his or her * lifetime health cover base day, means the adult's age on the 1 July before the day on which the adult took out the hospital cover.
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