Without good health your future may not be certain. In this instance, prevention is better than cure. However, illness can creep up n us when we least expect it to. So, a good health system is important. It’ll certainly put your mind at ease.There are a few worthwhile factors to keep in mind in regards to the Australian Health System. The public health system is funded through Medicare. The private health system is funded through private health insurance. Consider the following…Establish if you are eligible for MedicareIf you reside in Australia, you are an Australian or New Zealand citizen or the holder of an Australian permanent resident visaPrivate health insurance for the hospital accommodation costs and the gap between other full medical service billings over the Medicare Schedule refund amounts. Out of hospital servicesMedicare covers 85 % of the Medicare Schedule fee. You’re responsible for the excess which is generally covered by your private health insurance. Services include; Consultation fees for doctors and specialists, supporting medical procedures. These include X-rays and pathology tests and eye tests performed by optometrists. excluded from the above mentioned are most dental procedures, contact lenses and private hospital cover again to be covered by private health insurance. What cost will you incur?For example, if a new Australian permanent resident migrant enters Australia at the age of 39 and fails to take out hospital insurance cover until the age of 45, they will pay 30 per cent more in premiums (as calculated to the default 30 years of age), even though his or her residence in Australia has only been for six years.Charges for Federal Government Rebate Benefit How much is the federal government rebate benefit? For persons under the age of 65 the rebate is 30 per cent, for persons between the ages of 65-69 the rebate is 35 per cent and for persons over 70 is 40 per cent. The rebate is applied annually as a reduction to the health insurance premium then payable.Medicare Levy Surcharge Medicare levy surcharge of 1 per cent is applied to high income earners who fail to take out health insurance cover in any particular tax year. Note that a high income earner is a single person deriving annual taxable income of greater than AUS,000. A family or couple the threshold is annual taxable income greater than AUS0,000 combined.Tax Deduction Now that you aware of your benefits and the costs you will incur, how shall you plan ahead?Check your visa class and if eligible enrol yourself and your family unit for Medicare at the earliest time of entry. If you’re not eligible, for Medicare, apply for an annual exemption certificate. You can obtain advice on any prescribed waiting periods and register for ‘safety net benefits’ if medical expenditures are likely to be high. Keep in mind that irrespective of visa class, take out private health insurance at the earliest time of entry. This will allow access to all the concessions. Contact the Private Health Insurance Administration for all the health insurance providers in the area you settle in. You should obtain two quotes for comparative purposes (cost and extent of cover). Also retain medical expense vouchers for tax year end claiming of the tax offset, where applicable. Medicare - Health Insurance AU, Medicare - Health Insurance AU, Medicare - Health Insurance AU
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