Private Health Insurance Rebate Changes

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. 

You Can Review Your Cover and Save further.If you haven’t reviewed your health insurance cover, you’ll be surprised by how out-of-date your cover has become. We recommend that you contact Private Health Insurance comparison expert for a free, no obligation review of your current Private Health Insurance.
Kind Regards
Reuben Zelwer  B.Acc, CFP, SSA
SMSF Specialist Advisor TM
Adapt Wealth Management
Ph. 03 9211 0175
IMPORTANTClick here for a copy of Adapt Wealth Management Financial Services Guide. Items herein are general comments only and do not constitute or convey advice per se. Before making a  decision, you should consider, with the assistance of financial, legal and tax adviser, whether it is appropriate in light of your particular objectives, financial situation and needs.  Please note that Adapt Wealth Management do not receive any remuneration from ChooseWell.

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.