Annual Statements - Your Statements Explained
At the end of each financial year MBF issues statements for each Policy for which premiums were paid during the financial year. These statements are explained below.
- Private Health Statements ('Tax Statement')
- Lifetime Health Cover ('LHC')
- Standard Information Statements ('SIS')
Private Health Insurance Statement ('Tax Statement')
The 2007-2008 Tax Statements are sent to Policyholders of Policies for which a premium was paid during the last financial year.
The figures on your Tax Statement take into account premiums received and/or processed by MBF during the period 1 July 2007 to 30 June 2008.
An example Tax Statement follows.
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Description on Statement |
What this means |
|---|---|
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1. Statement Current at |
This field shows the date the statement was created. Any payments made after this date will not be shown on the statement. |
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2. Maximum claimable rebate on private health insurance (after premium reductions) |
This is the amount you may be able to claim on your tax return if you do not receive the Federal Government 30 percent rebate on private health insurance ('rebate') as a premium reduction. This amount may show '0' as you may have already claimed the rebate as a premium reduction. |
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3. Total cost of policy |
This is the total amount of premiums paid to MBF for this Policy, including rebate contributions. |
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4. Total premiums received by the health fund from you or your employer |
This is the amount of premiums paid to MBF by a customer/employer for this Policy. |
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5. Premium reductions you have received from the Federal Government |
This is the amount of rebate you have received from the Federal Government as a premium reduction. |
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6. Maximum Rebate amount (before premium reductions) |
This is the maximum amount of rebate you are entitled to claim for the 2007-2008 financial year. |
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7. Health fund ID |
This unique three-letter code identifies each health fund. |
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8. Policy number |
Your Policy number with MBF |
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9. Type of cover |
This field shows the 'highest' level of cover you held during the financial year, and will show one of the following: C = Combined Hospital and General Treatment(Extras) cover H = Hospital cover A = General Treatment (Extras) cover |
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10. Highest level of Rebate |
This is the highest level of rebate applied to your Policy during the financial year. |
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11. Maximum number of days this policy may provide an appropriate level of private patient hospital cover |
This is the maximum number of days your private health insurance cover provided an appropriate level of private patient hospital cover during the financial year. An appropriate level of hospital cover is one where a per person Excess of $500 or less is held. |
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12. Number of days covered by General Treatment (Extras) cover (for your information only) |
This is the number of days your Policy provided General Treatment (Extras) cover. |
Lifetime Health Cover Statement
If you held a level of Hospital Cover during the 2007-2008 financial year, you will receive a Lifetime Health Cover (LHC) Statement. We are required by law to send this statement to you. It is purely for your information and is not needed to complete your tax return. An example LHC Statement follows.
An example LHC Statement follows.
The following are descriptions of the main sections of the LHC Statement:
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Title of Section of Statement |
Definition |
|---|---|
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1. Policy Details |
This section of the statement lists details of your Policy as at the date printed on the statement. The details included are:
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2. Lifetime Health Cover (LHC) Details |
This section of the statement lists Lifetime Health Cover details of the Policyholder and his/her partner (if applicable) listed on the Policy. The details included are:
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If you would like more information on Lifetime Health Cover, please visit the glossary
Standard Information Statements
Standard Information Statements (SIS) detail the key features of your Level of Cover. They are not needed to complete your tax return. We are required to send you a SIS each year.
An example SIS follows.
Please refer to http://www.privatehealth.gov.au/sis.htm for more information on the Standard Information Statements.