- 3 Post By Mikemouseton
Private Health Insurance
We have been here for 5 months and not yet arranged any PHI. I was hoping that this wasnt compulsory as I have had quotes and seen how expensive it can be, however I have recently been advised that if you are over 30 you are given a year after receiving your visa to take out private health insurance otherwise you are hit with a hefty tax charge. I am not too sure about this and would be grateful if anyone could advise.
Thanks for your help.
You have 12 months from when you first become eligible for Medicare to take out Private Health Insurance without penalties.
If you don't - you pay an additional 2% on top of your premium for every year over 30 that you are. So say you're 40 - and your premium is $100 per month....you'll end up paying $120.
Not compulsory. You'll pay an extra 1% of your taxable income if you earn over $146,000 (as a couple) or $73,000 for singles.
http://www.iselect.com.au/ - take a look to compare here.