Medicare and private health ins.
Mar 28th 2005, 9:49 am
#1
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Medicare and private health ins.
hi we have registered with medicare and recieved our cards, we have been quoted for private health HBF at $150 for every 2 weeks for a family of 4....do we actually need private cover or is medicare quite sufficient?
Keith & family
Keith & family
Mar 28th 2005, 10:51 am
#2
Joined: Dec 2003
Posts: 7,834
Re: Medicare and private health ins.
Originally Posted by Madhouse!
hi we have registered with medicare and recieved our cards, we have been quoted for private health HBF at $150 for every 2 weeks for a family of 4....do we actually need private cover or is medicare quite sufficient?
Keith & family
Keith & family
If u r in the high earning bracket then it is worth getting private health insurance, cos if u dont then u have to pay an additional medicare levy, which can be a lot more than the private health care subs, so I have been informed
Mar 28th 2005, 10:53 am
#3
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Re: Medicare and private health ins.
Originally Posted by Madhouse!
hi we have registered with medicare and recieved our cards, we have been quoted for private health HBF at $150 for every 2 weeks for a family of 4....do we actually need private cover or is medicare quite sufficient?
Keith & family
Keith & family
I've spent 14 years here now, and do not have private cover. So I must have saved about $30,000 in premiums so far ?
This year has been my most expensive for medical costs, having spent about $600 on dental so far, but only about half of that would have been covered under insurance anyway.
But, if I need a hip replaced, or something like that, I may be in trouble.
Mar 28th 2005, 11:01 am
#4
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Re: Medicare and private health ins.
Originally Posted by biggy
we dont have private insurance yet......we have been to the docs a couple of times, u always pay for ur meds...and if u go to a bulk billing place then al u pay is the "gap" fee which is around $20 me thinks.
If u r in the high earning bracket then it is worth getting private health insurance, cos if u dont then u have to pay an additional medicare levy, which can be a lot more than the private health care subs, so I have been informed
If u r in the high earning bracket then it is worth getting private health insurance, cos if u dont then u have to pay an additional medicare levy, which can be a lot more than the private health care subs, so I have been informed
Good point about the Extra medicare levy. It's an extra 1% of your income paid to the tax office, if your income is over a certain figue, and you DON'T have private cover.
The income threshold for a single person is $50,000
Family threshold table is:
0-1 dependent children - Income threshold of $100,000
2 - $101,500
3 - $103,000
4 - $104,500
More than 4 dependent children - $104,500 plus $1,500 for each additional dependent child
http://www.ato.gov.au/individuals/co....htm&page=3&H3
So if the OP pays $3,900pa in insurance, they can save the 1% extra surcharge. ie On $100,000 that would be $1,000
Mar 28th 2005, 11:09 am
#5
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Re: Medicare and private health ins.
Originally Posted by Madhouse!
hi we have registered with medicare and recieved our cards, we have been quoted for private health HBF at $150 for every 2 weeks for a family of 4....do we actually need private cover or is medicare quite sufficient?
Keith & family
Keith & family
The government's "Lifetime Health Cover" policy means your premiums will be loaded by 2% for every year you are aged over 30 when you first take out your policy (up to a maximum of +70%). You get a grace period when you first arrive during which they will allow your "theoretical" age to be 30 but if you delay beyond that and then take out a policy, the age loading will then apply. We never fully uderstood the caclulation of the "grace period". But it worked out as a little over a year for us.
We ended up taking out medical insurance earlier than we would have liked because of this.
(By the way - $150 a fortnight sounds very expensive? We pay a similar amount per month for a family of four).
Ev.
Mar 28th 2005, 11:10 am
#6
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Joined: Feb 2005
Posts: 2,551
Re: Medicare and private health ins.
Originally Posted by ABCDiamond
With bulk billing doctors you don't pay anything
Good point about the Extra medicare levy. It's an extra 1% of your income paid to the tax office, if your income is over a certain figue, and you DON'T have private cover.
The income threshold for a single person is $50,000
Family threshold table is:
0-1 dependent children - Income threshold of $100,000
2 - $101,500
3 - $103,000
4 - $104,500
More than 4 dependent children - $104,500 plus $1,500 for each additional dependent child
http://www.ato.gov.au/individuals/co....htm&page=3&H3
So if the OP pays $3,900pa in insurance, they can save the 1% extra surcharge. ie On $100,000 that would be $1,000
Good point about the Extra medicare levy. It's an extra 1% of your income paid to the tax office, if your income is over a certain figue, and you DON'T have private cover.
The income threshold for a single person is $50,000
Family threshold table is:
0-1 dependent children - Income threshold of $100,000
2 - $101,500
3 - $103,000
4 - $104,500
More than 4 dependent children - $104,500 plus $1,500 for each additional dependent child
http://www.ato.gov.au/individuals/co....htm&page=3&H3
So if the OP pays $3,900pa in insurance, they can save the 1% extra surcharge. ie On $100,000 that would be $1,000
Mar 28th 2005, 11:11 am
#7
Banned
Joined: Feb 2005
Posts: 2,551
Re: Medicare and private health ins.
Originally Posted by kiwichild
I just have to give you some karma again. The more I see of your posts the more it reminds me what this place was likely designed for. You get a few having laughs or moans but basically it is meant to hopefully be helpful to others, and on that score you excel.
Oh well I tried
Mar 28th 2005, 11:44 am
#8
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Re: Medicare and private health ins.
Originally Posted by kiwichild
You must spread some Reputation around before giving it to ABCDiamond again.
Oh well I tried
Oh well I tried
Mar 30th 2005, 4:35 am
#9
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Joined: Sep 2004
Location: Perth
Posts: 57
Re: Medicare and private health ins.
Originally Posted by Ev'n'John
If you and/or your partner are over 31 and you are thinking of taking out private medical insurance, you may want to do it sooner rather than later.
The government's "Lifetime Health Cover" policy means your premiums will be loaded by 2% for every year you are aged over 30 when you first take out your policy (up to a maximum of +70%). You get a grace period when you first arrive during which they will allow your "theoretical" age to be 30 but if you delay beyond that and then take out a policy, the age loading will then apply. We never fully uderstood the caclulation of the "grace period". But it worked out as a little over a year for us.
We ended up taking out medical insurance earlier than we would have liked because of this.
(By the way - $150 a fortnight sounds very expensive? We pay a similar amount per month for a family of four).
Ev.
The government's "Lifetime Health Cover" policy means your premiums will be loaded by 2% for every year you are aged over 30 when you first take out your policy (up to a maximum of +70%). You get a grace period when you first arrive during which they will allow your "theoretical" age to be 30 but if you delay beyond that and then take out a policy, the age loading will then apply. We never fully uderstood the caclulation of the "grace period". But it worked out as a little over a year for us.
We ended up taking out medical insurance earlier than we would have liked because of this.
(By the way - $150 a fortnight sounds very expensive? We pay a similar amount per month for a family of four).
Ev.
Mar 30th 2005, 4:48 am
#10
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Joined: Oct 2003
Location: half marathon runner!
Posts: 4,458
Re: Medicare and private health ins.
Originally Posted by ABCDiamond
With bulk billing doctors you don't pay anything
Good point about the Extra medicare levy. It's an extra 1% of your income paid to the tax office, if your income is over a certain figue, and you DON'T have private cover.
The income threshold for a single person is $50,000
Family threshold table is:
0-1 dependent children - Income threshold of $100,000
2 - $101,500
3 - $103,000
4 - $104,500
More than 4 dependent children - $104,500 plus $1,500 for each additional dependent child
http://www.ato.gov.au/individuals/co....htm&page=3&H3
So if the OP pays $3,900pa in insurance, they can save the 1% extra surcharge. ie On $100,000 that would be $1,000
Good point about the Extra medicare levy. It's an extra 1% of your income paid to the tax office, if your income is over a certain figue, and you DON'T have private cover.
The income threshold for a single person is $50,000
Family threshold table is:
0-1 dependent children - Income threshold of $100,000
2 - $101,500
3 - $103,000
4 - $104,500
More than 4 dependent children - $104,500 plus $1,500 for each additional dependent child
http://www.ato.gov.au/individuals/co....htm&page=3&H3
So if the OP pays $3,900pa in insurance, they can save the 1% extra surcharge. ie On $100,000 that would be $1,000
Mar 30th 2005, 5:41 am
#11
Drunken Aussie
Joined: Jun 2003
Location: Brisvegas
Posts: 1,080
Re: Medicare and private health ins.
i've been looking into this from a single persons perspective. i can get private health for a mere $520 per year, and since i do earn more than $52k it does make sense for me to get private cover.
btw, if you don't sign a form and give it to your employer, they do not take the surcharge, so you will no doubt end up with tax to pay at the end of the year!! :scared: i've got to jump on this quick!
btw, if you don't sign a form and give it to your employer, they do not take the surcharge, so you will no doubt end up with tax to pay at the end of the year!! :scared: i've got to jump on this quick!
Originally Posted by ABCDiamond
With bulk billing doctors you don't pay anything
Good point about the Extra medicare levy. It's an extra 1% of your income paid to the tax office, if your income is over a certain figue, and you DON'T have private cover.
The income threshold for a single person is $50,000
Family threshold table is:
0-1 dependent children - Income threshold of $100,000
2 - $101,500
3 - $103,000
4 - $104,500
More than 4 dependent children - $104,500 plus $1,500 for each additional dependent child
http://www.ato.gov.au/individuals/co....htm&page=3&H3
So if the OP pays $3,900pa in insurance, they can save the 1% extra surcharge. ie On $100,000 that would be $1,000
Good point about the Extra medicare levy. It's an extra 1% of your income paid to the tax office, if your income is over a certain figue, and you DON'T have private cover.
The income threshold for a single person is $50,000
Family threshold table is:
0-1 dependent children - Income threshold of $100,000
2 - $101,500
3 - $103,000
4 - $104,500
More than 4 dependent children - $104,500 plus $1,500 for each additional dependent child
http://www.ato.gov.au/individuals/co....htm&page=3&H3
So if the OP pays $3,900pa in insurance, they can save the 1% extra surcharge. ie On $100,000 that would be $1,000
Mar 30th 2005, 5:51 am
#12
Drunken Aussie
Joined: Jun 2003
Location: Brisvegas
Posts: 1,080
Re: Medicare and private health ins.
this is the info i got regarding your age and being 31......
Are you a migrant or a refugee who became eligible for Medicare benefits after 30 September 1999 but before 23 April 2004?
Please Note:
You would have been informed by Medicare of your eligibility to claim Medicare benefits. You will need to provide a letter from Medicare advising the date you became eligible for Medicare benefits. No loading will apply if you are a recent migrant who purchases hospital cover by the later of:
1 July following your 31st birthday; or
23 April 2005; or
(if you are from New Zealand) the first anniversary of the date of the determination of eligibility for Medicare Benefits.
so reading this, i have until 23rd april this year to sort out private health cover, or i'll get hit by the loading.
if you become eligible for medicare benefits after the 23rd april 2004 that changes to
1 July following your 31st birthday; or
the first anniversary of becoming eligible for Medicare Benefits; or
(if you are from New Zealand) the first anniversary of the date of the determination of eligibility for Medicare Benefits.
Are you a migrant or a refugee who became eligible for Medicare benefits after 30 September 1999 but before 23 April 2004?
Please Note:
You would have been informed by Medicare of your eligibility to claim Medicare benefits. You will need to provide a letter from Medicare advising the date you became eligible for Medicare benefits. No loading will apply if you are a recent migrant who purchases hospital cover by the later of:
1 July following your 31st birthday; or
23 April 2005; or
(if you are from New Zealand) the first anniversary of the date of the determination of eligibility for Medicare Benefits.
so reading this, i have until 23rd april this year to sort out private health cover, or i'll get hit by the loading.
if you become eligible for medicare benefits after the 23rd april 2004 that changes to
1 July following your 31st birthday; or
the first anniversary of becoming eligible for Medicare Benefits; or
(if you are from New Zealand) the first anniversary of the date of the determination of eligibility for Medicare Benefits.
Originally Posted by Ev'n'John
If you and/or your partner are over 31 and you are thinking of taking out private medical insurance, you may want to do it sooner rather than later.
The government's "Lifetime Health Cover" policy means your premiums will be loaded by 2% for every year you are aged over 30 when you first take out your policy (up to a maximum of +70%). You get a grace period when you first arrive during which they will allow your "theoretical" age to be 30 but if you delay beyond that and then take out a policy, the age loading will then apply. We never fully uderstood the caclulation of the "grace period". But it worked out as a little over a year for us.
We ended up taking out medical insurance earlier than we would have liked because of this.
(By the way - $150 a fortnight sounds very expensive? We pay a similar amount per month for a family of four).
Ev.
The government's "Lifetime Health Cover" policy means your premiums will be loaded by 2% for every year you are aged over 30 when you first take out your policy (up to a maximum of +70%). You get a grace period when you first arrive during which they will allow your "theoretical" age to be 30 but if you delay beyond that and then take out a policy, the age loading will then apply. We never fully uderstood the caclulation of the "grace period". But it worked out as a little over a year for us.
We ended up taking out medical insurance earlier than we would have liked because of this.
(By the way - $150 a fortnight sounds very expensive? We pay a similar amount per month for a family of four).
Ev.
