Private health insurance for Medicare Levy Surcharge purposes

LzinC on 03/06/2015 - 23:52
Last edited 03/06/2015 - 23:55

Hi, I have been around OZB for a while now and this is my first post :)

Since EOYF is around the corner, I though it would be good to bring up a discussion about our friend, the Medicare Levy Surcharge.

I think it would be a good idea to post our current PHI policies and include some details to see how the premiums vary. This can be helpful for those (including myself) when reviewing our PHI.

I only get private health insurance (PHI) to purely to avoid this medicare levy surcharge and options are not needed (in an attempt to reduce premium costs).

If I am missing any important details, please let me know and I'll add it in :P

P.S. This thread is only for comparing what other fellow OZBers are paying for health insurance. This is not trying to compare your companies and policies with mines, etc!!

PHI Company: GMHBA
Age: 25
Single person on policy
Hospital cover only
$162 per quarter
zero claims

Financial

Comments

  • donedeed on 05/06/2015 - 23:53
    +1

    You have to be earning certain amount of money before you start paying increased medicare levy. Otherwise if youre under the threshold, you pay the base amount of medicare levy. And if youre in that category, the hospital cover wouldnt reduce it one bit.

  • Steptoe on 07/06/2015 - 15:42

    @OP Bronze Hospital?

    tried this site to compare?

  • zinC on 11/06/2015 - 12:07

    Yes I am aware of these thresholds. I just thought there were other people in the same situation as me (over the threshold and want the cheapest hospital cover) who would like to discuss.

    Thanks for the reply and info =)

  • Seven8Nine on 11/06/2015 - 21:27
    +1

    try HIF. approx 533 per annum

    http://www.hif.com.au/product-selector/default.aspx?loc=9&st…

    choose referal and fb promo

    • zinC on 14/06/2015 - 00:16

      Thanks, I'll have a look!

  • DealzEddy123 on 16/06/2015 - 09:46

    Hey do I have to have had the policy for the full Financial year to avoid the surcharge?

    or as long as I have it at tax time im OK

    answer: "The Surcharge applies proportionately for the period during the tax year when hospital cover was not held."

    • zinC on 16/06/2015 - 23:11

      Looks like you found the answer.

      It works by how many days you are covered for the financial year. so if you join half way through the year, you still have to pay surcharge, but only half of what you would normally pay.

Login or Join to leave a comment
Login Join