Surcharges and Incentives for Health Insurance
The Federal Government has implemented a number of initiatives to encourage people to have private health insurance. These initiatives include:
30% Federal Government Rebate
Take advantage of the 30%, 35% & 40% Government Rebate
If you take out Westfund Health Insurance and you are eligible for Medicare, the federal government will give you 30%, 35% or 40% 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.
Medicare Levy Surcharge
Avoid the Medicare Levy Surcharge!
If you are a family or couple with a taxable income after reportable fringe benefits of more than $154,000 (increasing by $1,500 for each eligible child after the first) a year or a single with a taxable income after reportable fringe benefits of more than $77,000 a year, your Medicare Levy can increase by 1% of your taxable income. However, you can easily avoid the additional surcharge by joining Westfund’s Classic Platinum Cover.
Lifetime Health Cover
Are you almost 31 . . . or older?
Then you need to know about the Federal Government Lifetime Health Cover Scheme. 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 see if you will incur a loading please click here to use the calculator available from privatehealth.gov.au
Glossary of Terms
Private Health Insurance terms explained.
Glossary of Terms Published: August 2009 File: 60kb
Private Health Insurance Code of Conduct
Westfund is a signatory to the Private Health Insurance Code of Conduct.
The code is designed to help you by providing clear information and transparency in your relationships with health funds.