Tax benefits of private health care
Are you currently a member of a private health fund and looking to switch providers? Are you shopping for your first Private health fund to lower your tax bill and medicare levy? Shopping around can save you hundreds of dollars and will allow you to use the saved money for other more important things! Investing in shares maybe?
How to Save Money on Private Health Care
Simple, shop around. There are numerous private health care providers in Australia, ranging from;
- HBF Health Fund
- MBF Health Fund
- Health Partners Health Fund
- NIB Private Health Care
- HCF Health Care
- + Many More!
Compare Private Health Funds
To compare health funds I use the following sites;
- iSelect – Health Fund comparison site made by NineMSN.
- Private Health Comparisons – Made by the Australian Government.
Save Money on Tax by having Private Health Care
Over 200,000 personal taxpayers could have avoided paying the Medicare Levy Surcharge if they had had adequate private hospital cover.
This is because taxpayers are currently liable to pay a Medicare Surcharge Levy, an additional 1% surcharge of taxable income imposed on income earners that do not have appropriate hospital cover with a registered health fund. The Surcharge is additional to the 1.5% Medicare Levy.
If you are single and have an annual taxable income of $50,000 or $100,000 as a couple or family, and don’t have adequate private health insurance, you will incur a 1% surcharge on top of the 1.5% Medicare Levy. The income threshold for the Surcharge increases by $1,500 for each child, after the first.
Which Private Health Fund are you with?
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