At the end of each financial year health insurers including Bupa issue statements for memberships where a payment was made or a person held cover at some point during the last financial year. These statements are to help you claim any entitlements as part of your annual tax return, such as the Australian Government Rebate on private health insurance.
Depending on the type of cover you held during the financial year, you’ll receive one or a combination of the following:
Private health insurance tax statement
Where you have held the private health cover and/or paid a premium in the preceding financial year, every adult on your membership (except dependent children) will be issued a private health insurance statement. The exception is if you hold overseas visitor cover: in that case, you’ll only get a tax statement if you have extras cover or Reciprocal Health Cover.
Your statement shows:
Summary of Cover
If you held private hospital cover (excluding overseas visitor cover) during the financial year we’ll also send you , a Summary of Cover.
The Summary of Cover includes details of any Lifetime Health Cover (LHC) premium loading and/or days without hospital cover for LHC purposes.
The way the rebate is calculated has changed; the rebate is now indexed on 1 April each year. This means that if you paid premiums for your policy before, on or after 1 April 2014 you may see more than one line of information on your tax statement.
To help you out, we’ve prepared some tips for you on ‘How to read (PDF, 67kb)’. Here’s some more detail about a couple of these terms:
A zero dollar amount in your statement means you didn’t make a payment in the that financial year. Your statement will just show the number of days you were covered for.
Your tax statement will be sent to you by the15 July.
If you’ve chosen to access your tax statements online we’ll email you when they are ready. You can view them by logging in to myBupa and clicking the ‘Communications’ tab at the top of the page. If you haven’t yet registered for myBupa, you’ll need to do this before you can access your statements.
Even if you received your statements in the mail you can still view them in myBupa, including previous years’ tax statements.
We’ll store your tax statements for up to seven years in myBupa. Simply log on (and register if you haven’t already) to myBupa. You can switch to eStatements (to get your tax statement online) by changing your membership communication preference to ‘electronic’. You can do this under the ‘how we contact you’ section in myBupa.
In addition to your annual tax statement you may also receive an adjusted tax statement during the year.
An adjusted tax statement will be sent to you when a change is made to your Bupa membership that applies to a previous financial year. If this change affects any of the information required by the Australian Taxation Office (ATO) which is displayed on the tax statement, such as the eligible premiums, rebate received or the people covered on your membership (excluding dependants), you will receive an adjusted tax statement.
If you receive an adjusted tax statement and you have not yet submitted your tax return you simply need to replace your original tax statement with the adjusted tax statement and use this to complete your tax return. This is because the adjusted tax statement shows the most accurate and up to date information.
If you have already submitted your tax return for the 2013-2014 financial year, you can contact the ATO and adjust your tax return at any time.
If you still have questions you can contact us on 134 135, or visit your nearest Bupa centre. Alternatively, you can contact the Australian Taxation Office on 13 28 61, visit their website at ato.gov.au or speak to your tax adviser.