Tax Time and Your Health
The end of the financial year is fast approaching… there are a couple of things to consider before June 30 rolls around to ensure you are getting the most from your healthcare!
Are you about to turn 31?
It’s important to know that if you don’t have private hospital cover in place by July 1 following your 31st birthday, you will pay more for your cover than someone who joins earlier in life. This is called Lifetime Health Cover loading and can be avoided by organising private hospital cover before you turn 31.
Are you a high-income earner? Do you know if you are paying the Medicare Levy Surcharge at tax time?
People earning an annual income above the threshold amount ($90,000 for singles, and $180,000 for families) can avoid paying the Medicare Levy Surcharge by taking out an appropriate level of private hospital cover for themselves and their dependents. By signing up for an Astute Simplicity Health hospital cover, high-income earners will be exempt from paying the Medicare Levy Surcharge.
Contact our team at Astute Simplicity Health to talk about your private health insurance options, and to make sure you’re sufficiently covered before June 30!
You can call us on 1300 090 960, or join online now by visiting astutesimplicityhealth.com.au.