Australian Families Need to Know this About Their Health Insurance Before Tax Time

finance insurance > health

As we are fast approaching the end of the financial year, Australian attentions are turning from COVID-19 to their finances once again.

One of the more important considerations at this time of the year is Health Insurance, namely do you need it, and if you already have it can you benefit from switching.

For example, not all Aussies know that the Medicare Levy Surcharge (MLS) is the real private health insurance tax, encouraging higher-income Australians to take out private hospital insurance or pay a penalty.

Usually, Australians pay a standard 2% Medicare Levy at tax time. The MLS adds an additional amount to those who don’t have private health insurance. This equates to either 1%, 1.25% or 1.5% of your income. The MLS is calculated based on income, and only applies to those singles and families who earn over a certain amount.

Another thing that Australians families should be aware of is the Government’s Private Health Insurance Rebate which is designed to make private health insurance more affordable and accessible to Australians. The rebate, which is actually unknown to around 50% of Australian families, is awarded based on an individual or family’s income and number of dependents.

Should you review your Health policy? – Check now, it’s simple:

  • Step 1: Click on your current age below.
  • Step 2: Confirm for whom you wish to compare policies, and you will be presented with our best available quotes from our Health Insurance panel.

Billysumo.com.au launched in 2018 and has disrupted the Health Insurance industry by offering transparency and the opportunity for Australian customers to see how much they might be overpaying for their policy and what might impact them come tax time. This is done by offering consumers the ability to compare health insurance policies from the larger and the smaller retailers. By looking at both the rates and inclusions side by side, it’s quickly easy to see what the cheaper rates are available, as well as how much money you might be able to save immediately by switching to an improved provider.

The service comes as many Australians who have had a health insurance policy for a number of years might not even be aware of the fact that they could very likely be overpaying. Disturbingly, the premiums have risen by an outlandish 66% in the past 10 years. Many Australians are therefore feeling increasingly frustrated by the hidden agenda and tactics used by many providers, who they first thought were looking out for their interests. The Billy Sumo Health service has therefore been built to help you stay ahead of these changes and ensure that you don’t miss out on the much-improved deals available.

The government has even outlined their commitment to helping Australians spend less on Health Insurance in 2020. Minister for Health Greg Hunt has approved a rise in private health premiums by a relatively low average of 2.92 per cent in early 2020, the federal government has announced. Even more importantly however, Australian’s are still urged to compare their existing policy, because it is quite likely that they are leaving money on the table by not looking for an improved option through a service such as Billy Sumo Health. Using the service, Australians can compare multiple health insurance brands, cover options and pricing all in the one place. The service saves time, but the biggest benefit for most are the dollar savings – in fact, customers may save hundreds off their yearly premiums.

Now is the time to get started:

  • Step 1: Confirm your state within the below map.
  • Step 2: Confirm for whom you wish to compare policies, and you will be presented with our best available quotes from our Health Insurance panel.

Since launching, thousands of Australians have already jumped on board. Over 100,000 Australians have used Billysumo.com.au to compare their household expenses, with the ability to reduce their every costs being referenced as their number one reason for using the site.

Billysumo.com.au is a trusted online service that makes comparison shopping for vital health insurance easy. With the click of a button, they can help you find an affordable policy by stripping away the cover you don’t use, while saving you money on what matters to you.

This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.