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The Government is introducing means-testing of the Health Insurance Rebate from 1st July this year. This could adversely affect anyone with a taxable income exceeding $83,000 single or $166,000 for couple or family.
There is an option of waiving the means-testing for anyone who pays their Health Insurance premiums in advanced for financial year 2012/13. Some health funds will allow you to pay up to 2 years in advance.
Please note – payment must be received by Health Funds by 25th June this year.
Should you believe your taxable income from financial year 2012/13 will exceed the amounts stated above, please contact us at your earliest convenience to take advantage of this cost-saving. It could be substantial.
Over the next few weeks, Funds will announce their price increases. It is important to know that funds can only apply for a price increase once per year. Their request receives detailed scrutiny quite often right up to the Federal Health Minister.
What other Insurance industry undergoes this? For that matter, what other Industry?
Health Funds can’t discriminate against you because of your age, your health, your claims history, or the number of dependants you have. We at JSHA are available to discuss with you any aspects of your health cover, and we do not charge any fees for this service.
Federal Government to means-test the Private Health Insurance rebate
The Federal Government is currently re-presenting a Bill to the House to means-test the 30% rebate paid to everyone taking up Private Health Insurance. There is every chance this may be passed, with Labor now having the numbers, with support of a couple of Independents. If it does pass, it is important that people contact John Small Health Advisory to discuss the ramifications of this, and the options for their consideration. It is also most important that people do not immediately react by cancelling or reducing their Private Health Cover, before speaking to JSHA
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Medicare Levy Surcharge
The government have so far failed in their attempts to introduce means-testing into the Health Insurance Rebate Scheme. However, only days after announcing they were abandoning their plans, the change-over of Speaker in the Home of Representatives gave them a glimmer of hope with a difference of two votes on the floor of the chamber. It is therefore possible the bill may be introduced early in 2012.
What the passing of this bill would mean is that where currently a 30% rebate is provided to all people taking out health insurance, this could be reduced to only being available for people earning less than $80,000 per year, to 20% only for incomes $80,000 to $93,000, to 10% for incomes $93,001 to $124,000, and nil rebate for incomes over $124,000.
If the passing of this bill would affect your rebate, you need to ask your local federal member what his or her voting position would be on this. Any reduction of the Health Insurance rebate will cause disruption to health insurance membership and therefore to public hospital overloading and waiting periods.
We can help you get something for those valuable dollars you have earned!
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