The Lowdown on the Government’s Private Health Insurance Rebate
If you’re considering investing in private health insurance, but are feeling worried about the high expense of premiums, you’ll be happy to learn that the Australian government might be able to give you a helping hand. Keep reading to discover how you can ensure and protect your health and wellbeing for the future, and possibly save money at the same time.
What is the Rebate?
It’s quick and easy to work out what percentage of the rebate you might be eligible for using the tables below. Just make sure you know the details of your income.
How Do I Make A Claim?
Once you know that you’re eligible for the rebate, there are two ways you can go about making a claim. It can be done through your private health insurer in the form of a reduced premium, or you can lodge the rebate through your annual income tax return with the Australian Taxation Office. If you choose the latter option, your insurer can provide you with a statement that will help you to fill in your tax return. On the other hand, if you decide to process the claim with your insurer, you’ll need to nominate the tier you expect to fall into, otherwise you could be subject to a tax liability.
The Final Word: A Helping Hand
It might sound daunting at first, but working out your private health insurance rebate is quite a simple process once you break it down bit by bit. Either way, it’s definitely worth investigating if you currently have private health insurance or if you’re interested in applying for it. If you’re eligible for a premium reduction, you’ll undoubtedly be pleased to be able to save a great deal of money in the long run, while not compromising the health and safety of yourself and/or your family.