At tax time, Australians turn their attention to a number of things they rarely consider throughout the year. Often, one of those things is health insurance, whether that's reviewing their current health insurance, changing their provider or considering taking it up.
However, for those who don't have private health insurance, the Medicare Levy Surcharge (MLS) is an additional cost you will have to pay on top of the Medicare levy that most Australian taxpayers already pay.
The Medicare Levy Surcharge is dependent on your income and kicks in when you earn over $88,000 as a single or $176,000 as a couple or family.
For a similar cost to your annual MLS payments, you could take out a health insurance product, which has the added benefits of providing security, assistance and peace of mind for when you need it most.
For example, a single person earning over $102,000 to $136,000 would pay an average of $124 per month due to the MLS. However, for a similar price they could take out a variety of Medibank's hospital covers, including Basic Hospital Cover with 500 excess, which provides cover for ambulance and accidents, plus hospital surgeries including removal of wisdom teeth, knee reconstructions and appendix removal.
Families with one child who earn a combined income of over $272,000 are expected to pay 1.5%, which equates to an average of $420 per month for the Medicare Levy Surcharge. For less than the cost of the MLS, they could take out Medibank's Top Hospital cover with no excess, which provides families with cover for obstetrics, fertility treatment and major eye surgery, plus all the benefits available with our other hospital covers.
Medibank Executive General Manager - Customer Centred Healthcare, Laz Cotsios, said unlike the Medicare Levy, the Medicare Levy Surcharge is avoidable when you take up private health insurance with hospital cover.
"It's so important to remind Australians that Medibank health insurance is with you for the long run, not just at tax time and can save you money while providing you with benefits such as ambulance and accident cover- not a surcharge," said Mr Cotsios.
Avoiding the MLS this tax time is simple with Medibank private health insurance. To find a tailored health cover that fits you better visit http://www.medibank.com.au