Have you considered private health care insurance recently? Even with health insurance, you will be glad to learn about government refunds. https://www.mytaxrefundtoday.com.au/private-health-insurance-rebate-guide/ provides an overview of how you can qualify for a private health insurance rebate. An overview is given in this article:
What is a Rebate?
A rebate may lower your monthly payment for private health insurance by an amount set by the government. Its goal is to get more people to sign up for private health insurance so the public health care system can have a break. Also, they know that everyone’s life is different in Australia and that some people have more money than others. So, for many Australians, the rebate is a discount in the form of a percentage that changes based on how much money they make.
How do I qualify for a Private Health Insurance Rebate?
The total amount of money you made was taxed during the fiscal year. This number will tell you if you are eligible for the Private Health Insurance Rebate or not.
Those in the lower income brackets (those with an individual taxable income of less than $90,000 or a taxable family income of less than $180,000) are eligible for the full rebate.
However, if your annual taxable income is more than $90,000 but less than $140,000 or more than $190,000 but less than $280,000, you will be in tier 1 or 2 and get a lower rebate rate. Meanwhile, your age will be considered to decide whether you get the full or partial amount back. So, for example, you may be eligible for a different reimbursement based on your age.
Family levels include all kinds of parent-child relationships, even the de facto ones. The minimum and maximum income requirements for people with children go up by $1,500 for each child after the first. It doesn’t matter if you’re a single parent or part of a two-parent family to get the Private Health Insurance Rebate.
Rebate for singles and families based on age and taxable income for the fiscal year 2022/2023
|
Income for 2022/2023 financial year (single) |
Age < 65 |
Age 65-69 |
Age 70+ |
|
|
Base Tier |
$90,000 or less |
24.608% |
28.710% |
32.812% |
|
Tier 1 |
$90,001-$105,000 |
16.405% |
20.507% |
24.608% |
|
Tier 2 |
$105,001-$140,000 |
8.202% |
12.303% |
16.405% |
|
Tier 3 |
$140,001 or more |
0% |
0% |
0% |
|
Income for the 2022/2023 financial year (family) |
Age < 65 |
Age 65-69 |
Age 70+ |
|
|
Base Tier |
$180,000 or less |
24.608% |
28.710% |
32.812% |
|
Tier 1 |
$180,001-$210,000 |
16.405% |
20.507% |
24.608% |
|
Tier 2 |
$210,001-$280,000 |
8.202% |
12.303% |
16.405% |
|
Tier 3 |
$280,001 or more |
0% |
0% |
0% |
The rebate levels are effective from 1 April 2022 to 31 March 2023 (Source:
Australian Government’s Private Health Website)
Furthermore, in addition to having a Medicare card, you must be a citizen or permanent resident of Australia to be eligible for this Insurance Rebate. Lastly, you must have health insurance coverage that complies with the requirements, and that policy must be with an Australian-registered health insurer.
What if I choose the wrong tier while applying for the rebate?
When you apply for the rebate, you will have to choose the income bracket that is closest to what you expect to make in the next fiscal year. If your earnings fall below the tier you chose at the end of the financial year, you will be eligible for a tax adjustment that will be added to your tax return.
If your annual income is higher than the tier you chose at the end of the year, you will have to pay back the rebate money you got by mistake when you file your taxes. But don’t worry; there won’t be any further consequences if you give wrong estimates.