How can joining Bupa save me money?
High-income earners, singles with an annual taxable income of more than $80,000 and families and couples with an annual taxable income of more than $160,000*, taking out appropriate Bupa Hospital cover for themselves, their partner and their dependants may avoid the additional 1% Medicare levy surcharge. For more details, contact Bupa, consult your tax adviser or visit ato.gov.au.
If you and those insured under your policy are eligible for full Medicare benefits, you may be entitled to the Federal Government rebate on private health insurance. The rebate starts at 30%, and increases for those aged 65 and over. You can choose to receive the rebate in the form of a premium reduction by completing a form called Application to Receive the Federal Government Rebate as a Reduced Premium available from Bupa centres and Medicare offices. You can also claim the rebate with your annual tax return or as a cash refund at any Medicare office.
Please call 134 135 for a quote on your health fund membership premium if you believe you are eligible for a higher rebate.
* The family income threshold increases by $1,500 for each dependent child after the first, thresholds apply for 2011-12 year and are indexed annually.
What is the impact of GST?
Premiums charged on health insurance products are GST free. However, premiums charged on overseas visitors health insurance and Overseas Student Health Cover products attract GST.
