Health Insurance adds financial benefits

The Federal Government has implemented a number of initiatives to encourage people to have private health insurance. These initiatives include:

Federal Government Lifetime Health Cover

This scheme became effective on 1st July 2000. New members to private health insurance hospital cover pay a loading of 2% on the base rate premium for the hospital cover they select for each year their age exceeds 30. To find out more about how these initiatives affect you please contact your local Westfund branch.

Avoid the Medicare Levy Surcharge!

If you are a family or couple with a taxable income of more than $100,000 (increasing by $1,500 for each child after the first) a year or a single with a taxable income of more than $50,000 a year, your Medicare Levy can increase by 1% of your taxable income. However you can easily avoid the additional surcharge by joining one of Westfund’s Hospital Covers.

Take advantage of the 30% Government Rebate

If you take out Westfund Health Insurance and you are eligible for Medicare, the federal government will give you 30% back on your premium. You may elect to reduce the premium as you go, claim it with your yearly tax return, or claim a cash refund from Medicare.

To find out more about how these initiatives affect you please contact your local Westfund health insurance advisor.