Finance

Sep 30 2017

How to best compare health insurance #secured #personal #loan


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How to best compare health insurance

How to best compare Bupa health insurance

Do you find it difficult to compare health insurance?

What to look out for when comparing health insurance

Bupa has been recognised for outstanding value in Australia in the important area of health insurance.

Important reasons to have health insurance

Bupa cover could be less than the cost of the Medicare Levy Surcharge

If you’re single and earning over $90,000 a year (or you’re a couple or family earning $180,000 in combined income*) and you don’t take private health cover, the government will charge you the Medicare Levy Surcharge (MLS). You might be shocked to know that this can be more than the cost of some Bupa hospital covers. Have a chat to your tax adviser or visit ato.gov.au for more information.

It pays to join earlier in life

The cost of your hospital cover depends on the age you first take it out. That’s because the Federal Government’s Lifetime Health Cover (LHC) loading applies if you take out hospital cover after you turn 31. For every year after your 31st birthday your premium will increase by 2% a year to a maximum of 70%

Any Lifetime Health Cover loading increase will apply for 10 continuous years. To avoid the loading (which is spread across both members in the case of couples), all you need to do is take out and maintain your hospital cover from 30 June following your 31st birthday.

Here’s good news. The Australian Government Rebate on private health insurance could help make your private health cover more affordable. The rebate is available to any Australian eligible for Medicare. The rebate is quick and easy to claim. You can choose to get it as a reduced premium, or receive it as a lump sum at tax time. When you join Bupa, we’ll help you understand and nominate your most suitable rebate tier.


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