When it comes to health insurance, not only does it provide the peace of mind of knowing you're financially protected for unexpected medical costs, but it can also offer significant tax benefits. Health Partners' Basic Hospital Plus cover is a great choice for those individuals or couples, looking for affordable hospital cover that can help you save on taxes while ensuring you’re covered for basic hospital services. In this article, we'll delve into how this cover can be a smart choice to avoid the Medicare Levy Surcharge and the Lifetime Health Cover loading.
Health Partners' Basic Hospital Plus cover is designed with both your health and financial well-being in mind. Starting at an affordable price of just $17.83 per week*, this product provides you with an excellent entry point into private health insurance. What's more, it offers you flexibility by allowing you to choose your excess of $500 or $750. This means you can tailor your coverage to suit your specific needs and budget.
Basic Hospital Plus provides you with accident coverage across all clinical categories, plus basic hospital services. It includes cover for procedures such as Tonsils, adenoid and grommets, Joint reconstructions, Dental surgery, Hernia and appendix. This coverage ensures you're protected for basic hospital services in the event of an unexpected medical need without breaking the bank.
One of the most significant advantages of having Basic Hospital Plus cover is the potential for tax savings. Let's explore how this product can help you in terms of tax benefits:
1. Avoid the Medicare Levy Surcharge: The Medicare Levy Surcharge (MLS) is an additional tax applied to high-income earners who do not have an appropriate level of private hospital insurance. By having "Basic Hospital Plus" cover, you can potentially avoid paying the MLS, saving you money at tax time.
2. Avoid the Lifetime Health Cover Loading: The Lifetime Health Cover (LHC) loading is another factor to consider. It's a government initiative designed to encourage Australians to take out private hospital cover earlier in life and maintain it. If you don't take out hospital cover by July 1 following your 31st birthday, you may be subject to an LHC loading of 2% on top of your premium when you do take out Hospital cover for every year you delay. Having Basic Hospital Plus can help you circumvent this loading, keeping your insurance costs lower in the long run.
Medical costs can be unpredictable and high, having affordable health insurance is not just a smart choice; it can be a financial necessity. Health Partners' Basic Hospital Plus cover empowers you to take control of your health while receiving benefits of tax savings and avoiding Government loadings. It ensures that you have access to medical procedures without the worry of financial burdens in case of an unexpected medical event.
Moreover, with Health Partners' commitment to transparency and expert guidance, you can rest assured that you're making a well-informed decision. The team at Health Partners are here to help you understand the nuances of your insurance, including the tax implications.
In conclusion, the Basic Hospital Plus product from Health Partners offers you an affordable and effective solution for meeting your hospital cover needs while unlocking tax benefits. It's a wise choice for individuals and couples looking to secure their health and financial future. Don't wait – take the first step towards tax savings and reliable health coverage by considering Health Partners' Basic Hospital Plus. Your financial well-being and peace of mind are worth the investment.
*Pricing displayed relates to Basic Hospital Plus for single applicants in SA entitled to base tier Australian Government Rebate, nil Lifetime Health Cover loading and $750 excess and paid via direct debit
If there’s one thing we’re sure of, it’s that our members are satisfied with their health insurance. We've been awarded Australia’s Most Satisfied Health Insurance Customers by Canstar, five years in a row.
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