Private heath insurance rebate changes
Written on the 20 March 2012 by Macmillans Waller Fry - Accountants
A package of Bills to means test the 30% private health insurance rebate has made its way through Parliament.
The changes will mean the amount of rebate available will depend on an income test for each financial year for individuals and families.
The changes will apply from 1 July 2012 and will introduce three new "Private Health Insurance Incentive Tiers".
In conjunction with this, and also from 1 July 2012, the rate of Medicare levy surcharge for individuals and families without private patient hospital cover will increase depending on their level of income.
TIP: Individuals and families should be mindful of the 1 July 2012 start date. Further, some health insurance companies have indicated their intention to increase premiums. Please contact our office for more information.
Author: Macmillans Waller Fry - Accountants