People who have Private Health Insurance have the peace of mind that comes with knowing they are covered for the best available medical treatments if and when they become necessary. And with public hospital waiting lists at record highs, you may be risking a long wait to gain the treatment you need if you’re not covered privately.

Private health insurance has many advantages that could well come in handy should you run into bad health including:

– Giving you the option of being treated by your doctor of choice
– Shorter waiting times for elective surgery
– Allows you more control over when and where to be treated
– Helps with services not covered by Medicare such as dental, optical, chiropractic, physiotherapy, Ambulance etc.

The Australian Government has also introduced initiatives designed to make private hospital insurance more affordable to all Australians.

The Medicare Levy Surcharge

The Medicare Levy Surcharge (MLS) is levied on Australian Taxpayers who do not have private hospital cover and who earn above a certain income. To be exempt from the surcharge, your hospital cover must be held with a registered health fund and cover some or all of the fees and charges for a stay in hospital. General treatment cover without hospital cover will not provide an exemption from the Medicare Levy Surcharge. As the Medicare levy Surcharge has crept up to 1.5% on top of standard income tax, this is a large tax that can easily be avoided by Purchasing Hospital cover with a Health Insurer

Federal Government Rebate

The Australian Federal Government Rebate on private health insurance makes Private Health Insurance more affordable by offering members the ability to reduce contributions costs. The rebate is income tsted, so those who earn above certain income thresholds may receive less than the standard amount. With returns of up to 37.094 cents per dollar, the Government Rebate offers members a great affordable incentives to purchase cover.

Lifetime Health Cover Loading

Lifetime Health Cover (LHC) is a Government initiative designed to encourage people to take out hospital insurance earlier in life and to maintain their cover.
If you do not have hospital cover with an Australian registered health fund on your Lifetime Health Cover base day and then decide to take out hospital cover later in life, you will pay a 2% loading on top of your premium for every year you are aged over 30.

So as you can see, there really are great reasons to take up private health insurance and with the added benefit of government inventive, there’s no better time to join.

For more information, call our friendly team on Freecall 1800 028 817

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