Thinking about getting or upgrading your current insurance plan? Learning a little about Australia's medicare levy surcharge (also known as MLS) may just encourage you to stop thinking and start acting!
If you and your dependants don't have the appropriate level of health cover for your income bracket, chances are you'll have to pay this surcharge. It ranges from one to 1.5 per cent of your taxable income, depending on how much money you earn each year. This is an additional payment to the levy that is already required of most Australian taxpayers.
A number of changes have been recently introduced that will affect how your income is tested. If you're single and earning $84,0001 or more a year, or your family's collective income is over $168,000, and you do not have appropriate health insurance, you should be paying the surcharge.
The MLS is designed to encourage people to do their bit in relieving the strain on our public health system by getting private health insurance.
If you have any questions about Australia's medicare levy system or would like some advice about getting insurance, please contact HICA today. Our knowledgeable health consultants will gladly assist you in finding the correct plan to suit your needs.