Benefits of Health Insurance

You are probably already familiar with the benefits that health insurance can provide such as choice of treating doctor, reduced waiting list times and access to health programs at reduced or no cost.

But did you know there might also be tax benefits from having health insurance? The Medicare Levy Surcharge (MLS) is an extra charge you may pay if you earn over $97,000* as a single, or $194,000*1 as a couple/family, and you don’t have a suitable level of private hospital cover. The MLS is designed to encourage Australians to take out private hospital cover to help reduce the demand on the public health care system.

The cost of Hospital cover can be less than what you’d pay for the MLS, so you could save money!

* To learn more about what constitutes income for MLS purposes, visit the ATO website.