Annual Statements 2007-2008
At the end of each financial year MBF issues statements for each Policy that was current at some point during the last financial year.
You may also refer to 'Your Statements Explained' for more details about the information displayed on your statement/s.
Frequently asked questions
- 1. What types of Statements will be sent out to me?
- 2. Why do I receive these statements?
- 3. Who receives a statement?
- 4. When will I receive my statements?
- 5. What if there are payments missing from my Tax Statement?
- 6. Why aren't my partner or Dependants listed on my Tax Statement?
- 7. Where can I get a copy of my Tax Statement?
- 8. Should I keep my Benefit Statements when I make a claim?
- 9. What is MBF's Health Fund ID?
- 10. Where can I find out more information?
1. What types of Statements will be sent out to me?
Depending on the type of Policy held during the financial year, one or a combination of the statements listed below will be sent:
Private Health Insurance Statement (Tax Statement) 2007-2008
If you are the Policyholder and have held cover and/or paid a premium in the 2007-2008 financial year, you will receive a Tax Statement for 2007-2008.
Please keep your Tax Statement in a safe place as it may assist you or your tax agent in completing your tax return.
Your Tax Statement shows:
- Premiums paid to and processed by MBF between 1st July 2007 and 30th June 2008.
- The amount (if any) by which the Federal Government 30% rebate on private health insurance (the 'rebate') reduced the cost of your health insurance premium.
- The amount you may be able to claim on your tax return if you have not received the rebate as a premium reduction.
- The maximum number of days your private health insurance cover provided an appropriate level of private patient Hospital Cover (in order to reduce the Medicare Levy Surcharge).
For further information about each of the fields on the Tax Statement, refer to ‘Your Statements Explained’.
Lifetime Health Cover (LHC) Statement
If you held a level of Hospital Cover during the 2007-2008 financial year you will receive an LHC Statement. If you only held Extras Cover (also referred to as GeneralTreatment ) during the financial year you will not receive a LHC Statement. This statement is purely for your information 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.
As there is no requirement to do so, your Dependant Children will not be shown on the LHC statement.
Standard Information Statements
If you are the Policyholder and are a current customer with MBF you will receive a Standard Information Statement (SIS).
It is purely for your information and is not needed to complete your tax return.
The Standard Information Statement is a summary of the key features of your Level of Cover. You will receive one statement if you hold a combined hospital and extras product. If you hold separate Hospital and Extras (General Treatment) Cover, you will receive two separate statements. Legislation requires all health funds to provide you with this statement each year.
2. Why do I receive these statements?
Legislation requires health funds to provide its customers with a Tax Statement to assist customers or their tax agents to complete their tax returns.
If you have a taxable income and reportable fringe benefits of more than $50,000 a year (Singles) or $100,000 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 $100,000 threshold increases by $1,500 for each additional child. By taking out any level of Hospital Cover with an Excess of $500 per person or less, ie, appropriate private Hospital Cover, your Medicare levy drops back to 1.5%. Your accountant, financial advisor or tax specialist can also give advice.*
The LHC Statement is sent for your information only and health funds are required to send their customers a SIS once every 12 months. The government requires us to send these additional statements to you each year as a way of keeping you informed about your health cover.
* Please be aware that the Federal Government announced proposed changes to the Medicare Levy Surcharge in the 2008 Budget.
3. Who receives a statement?
The statements are sent to the Policyholder. The exception to this rule is the LHC Statement, which is also sent to Policyholders’ partners who have been cancelled from a Couple or Family Policy during the financial year.
Customers who have only held visitors’ cover during the 2007-2008 financial year will not receive any statements.
Customers who hold MBF Emergency Ambulance Cover will not receive a SIS.
4. When will I receive my statements?
The Private Health Insurance Statement (Tax Statement), Lifetime Health Cover (LHC) Statement (if applicable) and Standard Information Statement (SIS) will be issued by 15th July 2008.
If you elected to access your statements electronically instead of having them posted, you will be advised via an email when your statements are available to access online. You can view them after logging into myMBF. 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 myMBF, including previous years statements. You will first need to register to access myMBF, but after a few easy clicks, not only will you be able to see your statements, you’ll additionally be able to access and update your Policy details, view Benefits paid and make a claim online.
5. What if there are payments missing from my Tax Statement?
The figures on your Tax Statement take into account premiums received and processed by MBF during the period 1 July 2007 to 30 June 2008.
Please note that occasional delays can occur between the time premiums are paid through an MBF agency, biller system or by salary deduction and the time they are received and processed by MBF. If any payments are not included on your Tax Statement, you have three options:
- Option 1: You can wait until the next financial year and MBF will include these payments in your annual Private Health Insurance Statement for your 2008-2009 tax return.
- Option 2: You may be able to request an updated statement from MBF. Please note that we can only provide updated statements if we receive your request by 22 August 2008. After this date, we are unable to make any adjustments for the 2007-2008 tax year.
- Option 3: Refer to the relevant question in TaxPack 2008 or Retirees TaxPack 2008 for information on how to calculate your full entitlement.
6. Why aren't my partner or Dependants listed on my Tax Statement?
MBF is only required to issue Tax Statements to the Policyholder as they are the person who is legally responsible for the premiums paid on the Policy.
MBF's Tax Statement complies with the Australian Tax Office's (ATO) requirements, which do not include details of other people covered on the Policy such as a Spouse and Dependant Children.
7. Where can I get a copy of my Tax Statement?
If you have registered to access myMBF, your own personal area on MBF’s website, you can view and download your statements dating from 2005-2006 financial year. Simply enter via mbf.com.au/members, click on ‘Access self service’ and then the Tax Mailing link.
If you are unable to access your 2007-2008 Statement online, or would like a copy of your Statement from one of the previous 6 tax years, please call us on 131 137 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 2007-2008 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 MBF.
You can obtain a Benefit Statement/s by logging into myMBF or by calling MBF on 131 137. Benefit Statements for the last two years preceding the date of your request are available.
9. What is MBF's Health Fund ID?
MBF Australia Limited's Health Fund ID is 'MBF'.
10. Where can I find out more information?
If the information within ‘Your Statements Explained’ cannot answer all your queries, please call us on 131 137 or visit your nearest MBF Centre.
If you have any questions about the Federal Government 30 percent rebate on private health insurance or the Medicare Levy Surcharge in relation to your tax return, contact the Tax Office on 13 28 61.