Has anyone got recommendations for the cheapest provider for health insurance this financial year (19/20) just to avoid getting stung by the Medicare Levy Surcharge?
Health Insurance just to avoid Medicare Levy (Tax) FY 19/20
Gunther on 10/07/2019 - 18:56
Comments
This is not true for me unfortunately.
Not really. 1% MLS on the lowest threshold is $900. You can pick up a basic hospital cover for $850 saving you $50 bucks
OP - i got AHM this FY. They were cheaper than Bupa and have Flybuys signup bonus running at the moment. Definitely a ‘junk’ policy, but I can’t remember the last time I had to go to hospital…
$850 is quite cheap, hif costs $960 for basic plus which is what I have. Might have to recompare prices next time it's up for renewal
Edit: Checked AHM for me is $917.05 on starter basic, I guess it's different for everyone.
Mate of mine spent like months trying to work this out a while back.
worked out that generally speaking if you earn $90,001-$125,000 the 1% MLS is usually on par with basic hospital cover pricing for the year or the savings are minimal.
over $125,000 when the 1.25% and 1.5% MLS kick in it is almost always better value to have the cover.he had this awesome spreadsheet etc and compared like 80 different private covers etc .. might see if i can get him to send it to me so i can share.
Would love to see it!
From this year they got rid of the junk cover so you’ll be paying more for health insurance than the MLS
From my initial investigations, my "junk cover" quotes are around ~$1100/year. My MLS is significantly greater than this amount.
Shop around places offering 1mth/6wks off.
Make sure you have appropriate private hospital cover with an excess of $750 or less otherwise it won’t count: https://www.ato.gov.au/individuals/medicare-levy/private-hea…
As per that link…. Appropriate level of "private patient" hospital.
Public Hospital cover is sufficient if you have private coverage e.g Hospital treatment, including accommodation as a private patient in a shared room in a public hospital
If you're just getting insurance for the sole purpose of avoiding MLS, it's going to be more expensive than MLS (unless you have a ridiculously high income) and you won't get any benefit out of your cover so just pay the MLS. I'd only get hospital cover if it's worthwhile.