deb68

If we do not take out health cover we pay more tax i am led to believe?
What would the actual differences be to having and not having health cover financially please?

EvannTel

Depends on your salaries and level of cover you take out. Impossible to answer.

Petals

Once it used to be simple, now its complicated with so many players on the field.

We used to have to pay the extra medicare levy before we retired and we did not notice it. We thought we were better off paying it than paying a couple of grand for health insurance.

Its either pay for the good of all or pay to the private pocket.

fish.01

2011-12
Single with a taxable income greater than $80,000.
A family or couple with a combined taxable income greater than $160,000.

So if you just breach the threshold for example $165,000 then you could either:

Pay an extra $1650 to the government;

OR

Find a family private hospital cover that is less than $137 per month and pay that instead. Note that you do not need to take out "extras" insurance as this does not count towards gaining the exemption.

Wol

And bear in mind that if you take out private insurance after you've been in Oz more than 12 months you won't get the exemption from the 2% premium uprating per year over 30. IOW if you waited until you were 50 and then took out insurance the premium would be 40% greater than it would other wise be.

deb68

Great replies and help.
So the $1650 payable, is that each person or as a family

Fluid36

Good answer (77k and 154k for this tax year)

EvannTel

Pro rata if you both earn the same its 50:50, its all hubby he pays 100%