At the end of each financial year health insurers including Bupa issue statements for memberships where a payment was made 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.
Please keep your statement in a safe place as it may assist you or your tax agent in completing your tax return. Your statement shows:
Summary of Cover
If you held private hospital cover (excluding overseas visitor cover) during the financial year, the member will receive a Summary of Cover on the back of their private health insurance tax statement.
The Summary of Cover includes details of any Lifetime Health Cover (LHC) premium loading and/or period of absence (days without hospital cover) for LHC purposes. You won’t need this document to complete your tax return but you should keep it for your records.
There have been a few changes made recently, both to the information in your statement and the way you receive it. Some of these changes include the following:
To help you out, we’ve prepared some tips for you on ‘Understanding your statement (PDF, 109kb)’. Here’s some more detail about a couple of these terms:
Following recent changes to the Australian Government Rebate on private health insurance, many of our members pre-paid their health insurance in 2012 to protect their 30% rebate. If this is you, the zero dollar amount in your statement reflects this and means you didn’t make a payment in the 2013/2013 financial year. Your statement will just show the number of days you were covered for.
The private health insurance tax statement and Summary of Cover (if applicable) are issued by 15 July.
If you’ve chosen to access your tax statements online, you will be advised via email when your statements are ready. You can view them by logging in to myBupa and clicking the ‘Statements’ 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. If you’ve opted to receive your statement by post, you’ll get it by 15 July.
Even if you received your statements in the mail you can still view them in myBupa, including previous years’ tax statements.
If you have registered to access your private health insurance tax statements online, you can view and download them dating back seven years. Simply jump online and log in to myBupa (or register if you haven’t already) and click the ‘Statements’ tab at the top of the page.
Due to the recent changes to the Australian Government Rebate on private health insurance there are some changes to the type of private health insurance tax statements that you may receive. 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 premiums paid 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 2012-2013 financial year, you can contact the ATO and adjust your tax return at any time.
If we have not answered all your queries about your private health insurance tax statement, please call 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.