08 Jun Private Health Insurance Rebate Changes
Pre-pay your health insurance premiums before June 30.
You may be aware that the Government has passed legislation that will reduce or remove the 30% rebate that until now has been available to everyone with Private Health Insurance.
This will affect single people earning more than $84,001 and couples or families earning more than $168,001. The current subsidy will reduce from 30% to zero based on a sliding scale. At the same time penalties for not having hospital cover are being increased by up to 50%. Click here for details.
You Can Delay the Impact of the Change and Save $500 – $1500
The ATO has recently advised that any premiums paid in advance of 30 June 2012 will retain the 30% rebate for the period that the payment covers. Most health funds have advised that they will accept up to 12 months of pre-paid premiums.
Depending on your income, such a pre-payment will save you up to 30%. For many families this will amount to a saving of $1500.
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About Reuben Zelwer
Reuben Zelwer established Adapt Wealth Management in 2011 to help time poor clients achieve financial freedom. For over 15 years, Reuben has helped professionals, executives, business owner and those approaching retirement make the most of their circumstances by making good financial decisions. Reuben’s professional practice is complemented by substantial voluntary work, which has included setting up financial literacy and savings programs in the local community. |