At the end of each financial year Bupa issues statements for each membership that was current at some point during the last financial year. These statements are to help you claim any entitlements, such as the Federal Government’s 30% rebate on private health insurance.
At the end of each financial year Bupa issues statements for each membership that was current at some point during the last financial year. These statements are to help you claim any entitlements, such as the Federal Government’s rebate on private health insurance.
Frequently asked questions
1. What types of tax statements will be sent out to me?
Depending on the type of health insurance membership held during the financial year, one or a combination of the statements listed below will be sent:
Private health insurance tax statement
If you're the private health insurance policyholder and have held the private cover and/or paid a premium in the preceding financial year (except for Overseas Visitors Cover), you'll receive a health insurance tax statement.
Please keep your health insurance tax statement in a safe place as it may assist you or your tax agent in completing your tax return. Your tax statement shows:
- health insurance premiums paid to and processed by Bupa between 1 July and 30 June of the previous financial year (or the statement issue date, whichever is earlier)
- the amount (if any) by which the Federal Government rebate on private health insurance reduced the cost of your health insurance premium
- the maximum possible rebate amount you may be able to claim in your tax return, if you have not received the rebate as a premium reduction
- the maximum number of days your private health insurance provided an appropriate level of private patient hospital cover (in order to reduce the Medicare levy surcharge).
Lifetime health insurance statement
If you held Hospital insurance cover (except for Overseas Visitors Cover) during the financial year you will receive a LHC statement. If you only held Extras cover (also referred to as general treatment) during the financial year you will not receive a LHC statement. This statement is purely for your information only and is not needed to complete your tax return.
Your LHC statement shows details of any LHC premium loading and/or period of absence (days without hospital cover) for LHC purposes.
2. Why do I receive these tax statements?
Government legislation requires health insurers to provide members with a tax statement to assist them or their tax agents to complete their tax returns.
If you have a taxable income of more than $80,000 a year (singles) or $160,000* a year combined (for a couple, single parent family or family with one child), your Medicare levy, which is included in your taxes, increases from 1.5% to 2.5% if you don't have appropriate private Hospital cover for you, your partner and all your dependants. If you have more than one child the $160,000 threshold increases by $1,500 for each additional child.
*These thresholds are applicable for the 2011-12 financial year and are indexed annually.
The LHC statement is provided for your information only. The government requires us to send these additional statements to you each year as a way of keeping you informed about your health insurance.
3. Who receives a tax statement?
Statements are sent to all private health insurance policyholders. The exception to this rule is the LHC statement, which is also sent to members’ partners who have been cancelled from a couple or family membership during the financial year.
Members who have only held Visitors cover during the financial year may not receive any tax statements.
4. When will I receive my tax statements?
The private health insurance statement (tax statement) and lifetime health cover statement (if applicable) is normally issued during the month after the end of the financial year.
If you elected to access your health insurance tax statements electronically, you will be advised via email when your statements are available online. You can view them by logging into myBupa. Simply click on 'access self service' and then the 'tax mailing' link.
Even if you received your statements in the mail you can still view them from myBupa, including previous years’ tax statements. You will first need to register to access myBupa, but after a few easy clicks, not only will you be able to see your statements, you'll also be able to access and update your membership details, view benefits paid and claim online.
5. What if there are payments missing from my tax statement?
The figures on your tax statement take into account health insurance premiums received and processed by Bupa during the period 1 July to 30 June.
Please note that occasional delays can occur between the time health insurance premiums are paid through a Bupa agency, biller system or by salary deduction and the time they are received and processed by Bupa. If any health insurance payments are not included on your tax statement but were processed before 30 June we will automatically send you an updated statement. For payments received after this you have two options:
- Option 1: You can wait until the next financial year and Bupa will include these health insurance payments in your annual tax statement for your next tax return.
- Option 2: Refer to the relevant question in Tax Pack or Retirees Tax Pack for information on how to calculate your full entitlement.
6. Why aren't my partner or dependants listed on my tax statement?
Bupa tax statements comply with the Australian Tax Office's (ATO) requirements, which do not include details of other people covered on the private health fund membership such as a spouse and dependant children.
7. Where can I get a copy of my tax statement?
If you have registered to access your statement via myBupa, you can view and download your tax statements dating back five financial years. Jump online and login via myBupa, click on 'access self service' and then the 'tax mailing' link.
If you are unable to access your statement online, or would like a copy of your statement from previous financial years, please call us on 134 135 and a copy will be posted to you.
8. Should I keep my benefit statements when I make a claim?
Yes. If your out-of-pocket medical expenses for the financial year exceed a certain amount you may be entitled to claim a tax offset.
To assist you or your tax agent to claim a tax offset on your tax return, you may need to review your benefit statements from Bupa.
You can obtain a benefit statement/s by logging into myBupa or by calling Bupa on 134 135. Benefit statements for the last two years preceding the date of your request are available.
9. What is Bupa's Health Fund ID?
Bupa's Health Fund ID is 'BUP'.
10. Where can I find out more information about tax statements and any tax rebate?
If we have not answered all your queries about tax statements, please call us on 134 135 or visit your nearest Bupa centre.
Find out about the rebate on private health insurance
If you have any questions about the Federal Government rebate on private health insurance or the Medicare levy surcharge in relation to your tax return, contact the Australian Taxation Office on 13 28 61.
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