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Health Insurance and Your Taxes
If you’re looking for a quick rundown on all things tax related when it comes to your Private Health Insurance,
then you’ve come to the right place!
Getting a grip on all the jargon surrounding Private Health Insurance and the impact on taxes is enough to make anyone’s head spin.
If surcharges, rebates, and thresholds have left you wondering what does all this even mean? Which one applies to you?
And what am I supposed to do about it? Don’t worry, we can help you make sense of it all, without the need for an existential crisis.
The Medicare Levy
The Medicare Levy is a tax that most Aussies pay, which goes on to help fund Australia’s public health system, Medicare.
The Medicare Levy Surcharge
The Medicare Levy Surcharge is an add-on tax that applies to people earning over $97,000 (singles) or $194,000 (couples / families) a year, but haven’t held an appropriate Private Hospital Cover.
Lifetime Health Cover Loading (LHC)
LHC Loading is a special measure that the government has in place to encourage young people to take out Health Insurance.
More specifically, it’s a penalty that gets applied to your Hospital Cover premiums if you take out a policy after the age of 31.
The Private Health Insurance Rebate
This is a government initiative that helps people afford both Hospital and Extras Cover by reducing their premiums.
What is a Medicare Claim?
Medicare is Australia’s public health care scheme, which gives Aussie’s access to free and subsidised health care services.
Making a Medicare claim just means you’re applying for reimbursement from the scheme.
Increases to Health Insurance premiums
Health Insurance premiums generally increase every year to cover the rising costs of health care and services.
How to lock in your Health Insurance premiums early
If you lock in your Health Insurance rate by paying up-front for a year, before the rate rise, you could end up saving yourself money.
Age-based discounts on Health Insurance
You could get a discount if you take out a suitable policy before 30.
Compare health insurance policies the easy way
Save time and effort by comparing a range of Australia’s health funds with iSelect
iSelect does not compare all health insurance providers or policies in the market. The availability of policies will change from time to time. Not all policies available from its providers are compared by iSelect and due to commercial arrangements, your stated needs and circumstances, not all policies compared by iSelect are available to all customers. Some policies and special offers are available only from iSelect’s contact centre or website. Click here to view iSelect’s range of providers