July 1 not only marks the beginning of the new financial year, but it also means that Australians will start to have their private health insurance rebate means tested.
At present, the federal government offers a 30 per cent rebate on the cost of private cover premiums, regardless of the policyholder's income.
However, this rebate will be reduced – and in some cases removed entirely – come July 1.
While there has been extensive media coverage surrounding the rebate reforms, many Australians remain confused about how it will affect them.
To help Australians navigate their way through this change, Health Insurance Consultants Australia (HICA) has released a brochure to not only provide essential information but to also answer some frequently asked questions regarding the means testing.
This valuable resource holds all the information you need to prepare for the July 1 changes and HICA has addressed issues such as what rebate applies to each income threshold, the increase in the Medicare Levy Surcharge and tips on reducing the cost impact.
The brochure is available on the HICA website, or a hard copy can be mailed out to you – all you have to do is give us a call on 1300 44 22 01.