Why is June 30 so important?
Having Hospital cover at June 30 makes good financial – and more importantly, health – sense for everyone. But, if you’re a higher income earner, are turning 31, or received a pay rise (congratulations!) then now’s definitely the time to check for any tax implications.
Don’t pay more
Depending on how much you earn, life without Hospital cover could be costing you an additional 1% to 1.5% tax due to the Medicare Levy Surcharge. This surcharge currently comes in to play if you’re a single person with a taxable income over $90,000 or are a family or couple with a combined taxable income over $180,000. The good news? This is easily avoidable with Hospital cover and Teachers Health has a range of options to suit your needs.
Your future self will thank you!
Over 30 and don’t think you need Hospital cover? By delaying taking out Hospital cover, you’ll pay an extra 2% loading on your Hospital cover premium for every year that you’re over 30 until you take out Hospital cover (capped at 70%). Remember, you never know what’s around the corner and Hospital cover with Teachers Health means peace of mind for the unexpected.
It’s not all bad news
Don’t forget, depending on your income, the government pays something towards the cost of your Hospital cover. The Private Health Insurance Rebate is means tested and can make peace of mind through Teachers Health even more affordable.
We’ve got your back
No matter what time of year it is, your health is always important. But tax time is the perfect opportunity to make sure your health insurance is looking after your health and your bank balance.