Income, Tax and Private Health Insurance

LNewman2000 on 16/06/2022 - 07:22

Hey Team,

Tax time is coming up and I was wondering if someone knew the numbers on private health insurance.

If we use 100k as an income would it be worth getting private health insurance and how much do we save.
Is 110k worth it or how much are we paying each 10k more in earnings?

Plus, what is the cheapest one to buy?

Thanks, Newman2000

Financial Health Insurance Insurance

Comments

    • [Deactivated] on 01/07/2022 - 19:25

      My taxable income (single) is lower than 50k and the first link said I don't need to pay Medicare Levy Surcharge. So shall I get a private hospital cover or not?

  • DemocracyManifest on 16/06/2022 - 08:17
    +1

    Most cheap health insurance is junk, don’t support it. For price of mind just get ambulance cover https://www.medibank.com.au/health-insurance/cover/ambulance… - starts from $57 a year

    • fredz0r on 16/06/2022 - 08:35
      +5

      Need at least hospital cover to make sure you ain't paying the Medicare levy surcharge.

      • Newman2000 on 16/06/2022 - 08:36

        So don’t bother with anything if on about 115k/year? False economy?

        • Drakesy on 16/06/2022 - 11:25
          +1

          Well depends how much you like money.

          You can spend $600 on a junk policy rather than get hit with a $1000 tax bill and be $400 ahead.
          However if the figure you've given is split across you and your partner you're below the $180k threshold

          The insurance companies know this though and use you as a support mechanism. Basically robbing the taxpayer to pay the fat cats in private health. Terrible policy imho.

      • dust on 16/06/2022 - 10:25
        +3

        I think SirMurduck is suggesting that paying the Medicare levy surchage (where your money goes towards public hospitals) is better than funding private companies (health insurers).

  • wei13 on 16/06/2022 - 08:43
    +1

    If it's $100k single without other elements (ie fringe benefit , super contributions, inveatment losses etc) your are looking at 1% MLS surcharge , roughly $1k.

    Look at available hospitals policies to see if you think it's worth it. Although you are only exempt from MLS surcharge for the days you actually hold a qualifying policy, so it won't make much difference to you this year if get one now.

  • MeesusEff on 16/06/2022 - 10:45
    +2

    You said we so u assume you and your partner, isn't the MLS based on family income which brings your threshold up to $180k?

    • brendanm on 16/06/2022 - 11:50
      +2

      This, ops question is stupid without any information. When they have the information, they could look up what applies to them in about 30 seconds on the government website.

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