While some Australian private health insurance policyholders will not experience any change in their premiums, some higher earning households will be severely affected.
From July 1, the federal government will begin means testing its 30 per cent private health insurance rebate according to three income tiers.
Singles earning more than $84,000 a year – as well as couples earning over $168,000 – will see their rebate reduced, along with an increase in the Medicare Levy Surcharge.
The means testing will apply to premiums paid for both hospital and extras cover, as well as some non-residents, depending on their current Medicare entitlements.
Health Insurance Consultants Australia (HICA) has produced a brochure to help Australians learn more about the upcoming changes, providing solutions to many commonly asked questions surrounding the reform.
The brochure is available on the HICA website, but you can also give us a call on 1300 44 22 01 to arrange for a hard copy of this document to be mailed out to you.
As a specialised health insurance broker, HICA can assist those affected by the changes to review and restructure their cover to find a policy that suits their needs and budget. We offer consultations at no cost and without obligation from Monday to Friday.