Tax benefits
Tax benefits with health insurance - want to save on tax?
Take out MBF health insurance today and you could save on tax.
Have a play with the calculator, to see how taking out hospital cover now could virtually pay for itself by:
- Stopping payment of the additional Medicare Levy Surcharge. If you're single with a total taxable income of over $50,000 a year (or you're a couple or family with one child with a combined total taxable income of over $100,000 a year*), if you don't have appropriate private hospital insurance your Medicare Levy increases from 1.5% to 2.5%. By taking out any level of MBF Hospital Cover with an Excess of $500 per person or less which covers you, your partner and all of your Dependants, your Medicare Levy drops back to 1.5%. Please be aware that the Federal Government announced a proposal to increase these income thresholds; you may wish to discuss with your tax agents.
- Avoiding the Government's Lifetime Health Cover ('LHC') loading if you take our hospital cover before you're 31**. Under LHC, once you're over 30, for each year you delay joining hospital cover, membership fees will increase by 2% to a maximum of 70%.
Your accountant or financial advisor can also give you tax advice that can assist in choosing an appropriate level of MBF cover.
MBF Health has a range of hospital cover options to give you the perfect fit.
You can take out hospital cover on its own but many people combine it with extras cover which helps pay for services such as dental, optical, chiropractic and physio as well as massage, acupuncture and more. Further when you visit an MBF MemberCare Provider for preventive and general dental, selected optical, chiropractic and physio services, you'll get at least 70% - 90% back (depending on your level of cover), up to your annual Limits.^
*Threshold increases by $1500 for each additional child.
**You must take out hospital cover by 30 June following your 31st birthday.
^Of course, any benefits you receive from these providers are subject to the terms and conditions of your chosen level of cover including Waiting Periods.
