There is a short window of opportunity for those who will be impacted by the introduction of income testing for the Australian Government rebate on private health insurance.
By paying for the next twelve months health insurance in advance before June 30, you can lock in your current rate and avoid having to pay the difference for any reduction in the rebate you may have to pay next tax year. This could be a saving of hundreds of dollars.
You have to act now though as most funds need you to have joined and made payment by 25 June in order to meet the government requirement of payment in the funds’ account by 30 June.
How much rebate will you miss out on?
If you are one of the approximately 2 million Australians who will be impacted by the introduction of income testing of the rebate, your effective health insurance premium will be increasing next year by between 10% and 30%. See the table below to see how you might be impacted.
[see TABLE 1 - Note if Tables do not display correctly please email [email protected]]
How do you avoid paying the increase next year?
The good news is that if you are able to pay your fund for the next 12 months health insurance in advance (through to 30th June 2013), you can avoid the change for next year altogether. Check with your fund whether they will accept the advance payment. Some examples of funds that are helping their customers achieve this are in the table below.
Examples based on a family (all aged under 65) living in NSW with a family income of greater than $260,000.
[see TABLE 2 NSW]
What’s the cash back bonus?
In addition to the savings above, Split It is the only site that is transparent about the commissions it earns and splits it with you. When you apply for a policy with Split It from a health insurer that pays them a commission, they split anything they make with you 50/50 and pay you cash back. No increased costs, no lock-in contracts, just cash back with no catches.
Visit www.splitit.com.au for more information and to view all policies.
For an interview, photo opportunity or more information please contact:
Ph: 0404 884 048
Split It provides a simple way for people to compare a wide range of possible health insurance policies online. Their first site compares private health insurance options and later sites will include online comparison of other insurance, finance, telecommunications and utilities products online. Split It are the only online comparison service that helps customers choose the best cover for the best price and also displays and pays customers at least half of the commission earned after they purchase.
P: 0404 884 048