Private Health Insurance

[Guest scmercer]

Hi,

 

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.

[Guest Mikemouseton]

Right(ish).

 

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.privatehealth.gov.au/information/surcharges/medicarelevy.htm

 

http://www.iselect.com.au/ - take a look to compare here.