As you people know, the Labor govt massive spending has finally shown results in the Budget this week. The government is broke and you will be asked to pay more taxes.
PRIVATE HEALTH INSURANCE
Last year Budget, they have already cut the premium rebates for those earning "too much". That is another story - old story that I will not bring up here. There are legit ways around that. (see next post - akan datang)
They are taking away rebates for Lifetime Health Loading. So, if you are a migrant who is above 30yo and has not taken up Private Health Insurance after registering for Medicare for a year, you will be hit.
It is better to apply for Private Health Insurance as soon as you can "afford" it and then drop your hospital cover temporary. You have 1,094 days accumulative before loading set in. (see more below)
Your age on 1 July prior to joining Lifetime Health Cover loading
30 0%
31 2%
32 4%
33 6%
34 8%
35 10%
36 12%
37 14%
38 16%
39 18%
40 20%
41 22%
42 24%
43 26%
44 28%
45 30%
46 32%
47 34%
48 36%
49 38%
50 40%
51 42%
52 44%
53 46%
54 48%
55 50%
56 52%
57 54%
58 56%
59 58%
60 60%
61 62%
62 64%
63 66%
64 68%
65 70% maximum
What happens if someone is unemployed, goes overseas or simply chooses to drop out for a while?
The Government recognises that there are going to be times when people need to drop their Hospital cover. For example, if you are travelling overseas for extended periods of time, or in the case of unemployment. To cater for this, people can drop their Hospital cover for up to 1,094 days in total throughout their lifetime, without having to pay an additional Lifetime Health Cover loading when they are ready to take out Hospital cover again. You should note that certain days do not get included in the calculation of these permitted days, such as days spent overseas provided they are part of a continuous period spent overseas for more than one year.
PRIVATE HEALTH INSURANCE
Last year Budget, they have already cut the premium rebates for those earning "too much". That is another story - old story that I will not bring up here. There are legit ways around that. (see next post - akan datang)
They are taking away rebates for Lifetime Health Loading. So, if you are a migrant who is above 30yo and has not taken up Private Health Insurance after registering for Medicare for a year, you will be hit.
It is better to apply for Private Health Insurance as soon as you can "afford" it and then drop your hospital cover temporary. You have 1,094 days accumulative before loading set in. (see more below)
Your age on 1 July prior to joining Lifetime Health Cover loading
30 0%
31 2%
32 4%
33 6%
34 8%
35 10%
36 12%
37 14%
38 16%
39 18%
40 20%
41 22%
42 24%
43 26%
44 28%
45 30%
46 32%
47 34%
48 36%
49 38%
50 40%
51 42%
52 44%
53 46%
54 48%
55 50%
56 52%
57 54%
58 56%
59 58%
60 60%
61 62%
62 64%
63 66%
64 68%
65 70% maximum
What happens if someone is unemployed, goes overseas or simply chooses to drop out for a while?
The Government recognises that there are going to be times when people need to drop their Hospital cover. For example, if you are travelling overseas for extended periods of time, or in the case of unemployment. To cater for this, people can drop their Hospital cover for up to 1,094 days in total throughout their lifetime, without having to pay an additional Lifetime Health Cover loading when they are ready to take out Hospital cover again. You should note that certain days do not get included in the calculation of these permitted days, such as days spent overseas provided they are part of a continuous period spent overseas for more than one year.
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) You go to them to purchase what you want.
