About Health Insurance
- Why get Health Insurance?
- Top 6 Reasons You'll do better with iSelect
- Are you paying too much on Health Insurance?
- 5 Health Insurance hot tips
- A better way to buy health insurance
- Lifetime Health Cover Explained
- Compare your Health Insurance options with iSelect
- Life Stages
- Participating Health funds
- Joining a health Fund
- Means Testing
- Health Insurance & Tax
- Hospital & Extras cover
- Qantas Frequent Flyer Offer
- The Medicare Levy Surcharge (MLS)
- About the Medicare Levy Surcharge
- The Medicare Levy Surcharge and Your Tax Return
- Personal Income Tax & Health Cover
- Ways to save tax on health insurance
- The Health Insurance Rebate
- Explaining the Health Insurance Rebate
- Claiming the rebate as a reduced premium
- Claiming the rebate from a Medicare office
- Claim the rebate as part of your tax return
Health Insurance Tax Penalties & Benefits
The Australian Government has put in place a number of initiatives designed to get Australians covered by private health insurance. If you know what these initiatives are, you may be able to save on tax, time and money ...
The Australian Government Rebate on Private Health Insurance
The Australian Government provides a rebate on private health insurance to help Australians meet their private health insurance costs. The private health insurance rebate is income tested, which means the level of your rebate will depend on your annual income, age and the number of dependent children you have.
Learn more about the Australian Government Rebate.
The Medicare Levy Surcharge (MLS)
The surcharge is an additional tax (on top of the 1.5% Medicare Levy that most tax payers are required to pay) that’s levied on to Australian taxpayers who earn above the MLS thresholds and don’t have private hospital cover.
If you’re an individual earning $90,000 per year, for example and you don't have hospital cover, the MLS means that you’ll have to pay an extra $900 in tax (1% of your annual income). But with hospital cover available for less than $900, you could walk away with the benefits offered by a hospital only or a hospital and extras policy, avoid paying the tax and still have money left over.
The MLS will increase to 1.25% if you earn over $105,000 ($210,000 for couples, families and single parents) and 1.5% if you earn over $140,000 ($280,000 for couples, families and single parents).
Learn more about the Medicare Levy Surcharge.
iSelect - a better way to buy private health insurance
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