Government Regulations Encourage People To Choose Private Health Care in Sydney
The Australian health care system is complicated and navigating the public and privatesystems can be difficult. Private health care in Sydney can help to make a difference to the time you spent waiting for care, your choice of doctor and hospitals and also any out of pocket expenses that might occur during a hospital admission.
Private health insurance can seem like just another cost, but actually, not having private health insurance could also be costing you money. The extras cost comes in the form of what is called the Medicare Levy Surcharge which means that on top of already existing taxes there is an additional 1% – 1.5% Medicare Levy Surcharge that people in higher income brackets are forced to pay when they choose not to have private health care. This can be motivation enough for those in the highest earnings bracket as 1.5 per cent of an individual’s income can be higher or come close than the total cost of private health care premiums depending on the level of cover.
There is however, depending on your income and age, varying rebates that the government offers on private health care premiums which can be another significant factor in making the decision to purchase Private coverage.
Another consideration is the penalty that can be applied to those over 31. All individuals can incur a penalty of 2% loading for each year they are aged over 31. This can result in a maximum 70% loading which only disappears after 10 year of continuous cover.