It’s that time of the year again, where Australians with or without private health insurance may need to nut out their options by June 30 to avoid paying more tax next financial year. Tax depends on personal circumstances - so here's what you need to know.
Lifetime Health Cover (LHC)
LHC encourages Australians to take out and maintain private hospital cover earlier in life. If you don’t have hospital cover by 1 July following your 31st birthday, you’ll have to pay 2% loading on top of your premium for every year you were without cover...Learn More
Medicare Levy Surcharge (MLS)
Designed to reduce the demand on the public health system, the MLS is an additional tax (on top of the standard 2% Medicare Levy) for those who earn over $90,000 (single) or $180,000 (family) and don’t have private hospital cover.Learn More
Australian Government Private Health Insurance Rebate
Did you know that the Australian Government actually pays up to 35.7% of the cost of private hospital cover, depending on your age and income? The Government rebate helps to make private health insurance more affordable.Learn More