Tax time is a busy part of the year for most Australians and often a cause to review household finances and commitments, including private health insurance.
If you don’t have private health insurance hospital cover, then you may have to pay the Medicare Levy Surcharge, which is a tax that goes towards helping the public system. This is an additional tax on top of the Medicare levy, which most Australian taxpayers already pay towards funding the Medicare system.
The Medicare Levy Surcharge is dependent on your income and, in the 2014-15 financial year, kicks in when you earn over $90,000 as a single or $180,000 as a couple or family. The Surcharge is paid annually and can range from around $900 to over $5,000 a year.
Jason Gowie, Medibank’s Divisional General Manager of Marketing, Sales and Service, says, “For a similar cost to, or even less than, your annual Medicare Levy Surcharge 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.
“Medibank has a variety of hospital products that suit all needs, starting from as little as $16.13 per week[i]. They provide great value and mean you can avoid the Medicare Levy Surcharge while enjoying the benefits that health insurance brings.”
Mr Gowie concludes, “Health insurance is an important consideration for all Australians at tax time. And, while tax time comes just once a year, it’s important to remember that Medibank is with you for the long run.”
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
[i] Hospital cover for singles in NSW entitled to a 27.820% Australian Government Rebate, nil Lifetime Health Cover loading and $500 excess