|
Private Health Insurance Rebate Changes
From 1 July, 2012, the Government will introduce three new 'Private Health Insurance Incentives Tiers'.
|
Singles
Families |
<$84,000
<$168,000 |
$84,001-97,000
$168,001-194,000 |
$97,001-130,000
$194,001-260,000 |
>$130,001
>$260,001 | |
Rebate | |
< age 65 |
30% |
20% |
10% |
0% | |
Age 65-69 |
35% |
25% |
15% |
0% | |
Age 70+ |
40% |
30% |
20% |
0% | |
Medicare Levy Surcharge | |
All ages |
0.0% |
1.0% |
1.25% |
1.5% |
Note: The thresholds increase annually, based on growth in Average Weekly Ordinary Time Earnings (AWOTE). Single parents and couples (including de facto couples) are subject to the family tiers. For families with children, the thresholds are increased by $1,500 for each child after the first.
Singles earning $84,000 or less and families earning $168,000 or less will continue to receive the existing 30, 35 and 40 per cent rebate, depending on their age.
At Vantage Partners we recommend you contact your private health insurance provider to pre-pay your health insurance for 12 months in advance prior to 30 June 2012. This will ensure that you will obtain the rebate as there are no income tests applicable in the 2011/2012 financial year.
Should you have any questions, please call us at Vantage Partners to discuss. |
