The Australian Government rebate system was introduced to assist the affordability of Private Health Insurance to all Australians by the introduction of a means tested and income and age based tiered table to reduce the coast of premiums.
CLAIMING THE REBATE
If you are eligible for the rebate, there are two ways you can claim:
- through a reduced premium; or
- through your tax return with ATO
WHAT IF I NOMINATE THE WRONG TIER?
- If you choose to claim the rebate as a premium reduction, you will to nominate a tier based on the above table.
- If you nominate a tier that results in a lower or higher rebate than your income entitles you to, you will receive an adjustment in your tax return at the end of the financial year.
THE REBATE & LIFETIME HEALTH COVER
Lifetime Health Cover (LHC) is a financial loading applied on top of your hospital premium at a rate of 2% for every year you are aged over 30 when you take out hospital cover, up to a maximum of 70%. The LHC loading is removed once you have held hospital cover and paid the loading for 10 continuous years.
If you currently pay a LHC loading, the Rebate does not apply to the LHC component of your hospital cover premiums (as of 1 July 2013). You still receive the Rebate on the standard component of your hospital cover.
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