Here’s our End of Financial Year tips for getting the most bang out of your health buck!
1. If you don’t have health insurance:
Save $$ on your tax – Avoid the Medicare levy surcharge. The Medicare Levy Surcharge is levied on tax payers who do not have private hospital cover and who earn above a certain income ($84,000pa for singles, $168,000 for families). The surcharge is between 1% and 1.5% which equates to a minimum of $840 that the tax office will penalise you if you don’t have a health fund. You may as well use that $840 to join a fund and get the benefits of having health insurance.
2. If you are thinking about joining health insurance:
Now is the best time to join a health fund – There is probably no better time to join than this time of the year, as it seems most health funds are waiving the one/two month waiting periods on their general cover, and some are even giving one month’s free cover on top of this! Check out this special offer fromMedibank Private http://www.medibank.com.au/healthcover/special-offer.aspx
3. If you currently have health insurance:
Act now to save $$ next year! From 1 July 2012, the Government will means test the private health rebate. If you earn over $84,000 as a single, your rebate will reduce as follows:
Under $84,000 – 30%
$84,001-$97,000 – 20%
$97,001 – $130,000 – 10%
Over 130,001 – 0%
So for a person earning over $130,00, you will cease to receive a discount on your health fund premiums. However, if you act now and pre-pay your yearly Private Health premium before the end of June, and receive the full 30% private health rebate if you act now. Contact your health fund directly for more information. Earlier cut-off dates for admin may apply.
Information provided in this post is general in nature and does not constitute personal or financial advice. We recommend you consult a financial planner to take into account your particular investment objectives, financial situation and individual needs.