We’ve all heard about expensive health insurance policies, but many Australians are using these ultra-low cost policies to cut hundreds off their tax bill at the end of the financial year.
It’s not just savvy savers using this tactic. Aussies who’ve recently had a pay rise that puts them into a higher tax surcharge bracket, have coupled up within the last year, or have just turned 31 can get hospital cover from just $2.46 a day* in just a few minutes using this service.
Here’s How You Do It:
Step 1: Select your current life stage below.
Step 2: Once you select your preferred coverage options, you will have the opportunity to compare quotes from multiple health funds.
If you’re looking to keep your tax bill low without breaking the bank, there’s a number of cheap policies available at very low cost.
Most Basic hospital cover policies come with ambulance cover should only cost you a few dollars a day, while you can even up your cover for just a few cents more. A more comprehensive Bronze hospital policy could cost as little as $2.79 a day**.
Hospital cover can be worth investing in as anybody earning over $90,000 per year – or $180,000 as a couple – without eligible health insurance will need to pay the Medicare Levy Surcharge (MLS) when they file their tax return.
The surcharge can be as much as 1.5% of your taxable income.
The bottom line: if you’re above the threshold, the sooner you get covered, the sooner you stop being liable to pay the surcharge. You can even buy online with this website in just a few minutes.
What if I’ve just turned 31?
Great question. There’s another advantage for Medicare card holders aged over 31 who are taking out hospital cover for the first time.
Once you turn 31, every year you don’t hold an eligible hospital policy means you’ll face an additional fee when you do decide to take our cover.
This fee increases by 2% each year you don’t have eligible cover after the 1st July following your 31st birthday and is known as the Lifetime Health Cover loading.
The good news is, like the Medicare Levy Surcharge, taking out even a Basic hospital policy can help you minimise or avoid this loading fee at a later date.
It’s easy to compare policies with Health Insurance Comparison. In just a few minutes you can research which cover fits you best from our panel of trusted insurers and then buy online.
So be smart when it comes to your finances and make sure you’re cutting your tax bill and future costs of cover by taking out a hospital policy before the end of the financial year.
Get Started Now:
Step 1: Select your state below .
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.
*Price correct as of 20.06.21. Based on Basic only hospital cover for a 31-year-old single in NSW.
**Price correct as of 20.06.21. Based on Bronze hospital cover for a 31-year-old single in NSW.