The Federal Government Rebate on Private Health Insurance is designed to make private health insurance more affordable. The Government rebate is available to all members of this Corporate Health Plan, regardless of their level of cover, income or type of membership providing all people covered by the membership are eligible to claim Medicare benefits.
How much is the health insurance rebate
The level of rebate you may be entitled to is determined by the age of the oldest person covered by the policy. The Government rebate is:
- 30% for memberships where the oldest person covered is up to, and including the age of 64 years,
- 35% for memberships where the oldest person covered is aged 65 to 69 years,
- 40% for memberships where the oldest person covered is aged 70 years or over.
The health insurance rebate applies to the total premium for your health cover – regardless of whether the policy is for hospital cover, general treatment (extras) cover or a combination of both. Importantly, the health insurance rebate is not means tested so it is available regardless of your income or family type.
How to claim the Government rebate
The Federal Government Rebate on Private Health Insurance can be claimed in any of 3 ways – as a premium reduction, a tax offset or from a Medicare office.
Premium Reduction
Most people claim the health insurance rebate as a premium reduction. Under this option, the Federal Government will send the rebate directly to your health fund – so when you make your health insurance premium payments, you only have to pay the balance. For example, if you are entitled to a 30% Government rebate, your payments will actually represent 70% of the total premiums – and the Government will send the 30% rebate directly to your health fund.
Tax Offset
If you choose to recover your Government health insurance rebate this way, you will claim a refundable tax offset at the end of the income year through your tax return.
Your health fund will send you a health Insurance Statement during July which will provide the information you need to complete the relevant section of your tax assessment/return.
Medicare Office
If you wish to claim the health insurance rebate as a cash or cheque payment from a Medicare office, you will need to produce proof of your health insurance membership and receipts for your premium payments as well as complete the appropriate Medicare claim form.
This Health Plan can help with your Health Insurance
The Health Plan offers Alumni members and their families significant health insurance savings and peace of mind. If you are unsure which cover option best suits your needs, request a review and recommendation from the Plan advisors, Health Link Consultants. They’ll review your situation and provide policy advice to you - free of cost and without obligation.
More information about the Government Rebate
For more information about the Government Rebate or any other health insurance related matter, call the Plan advisors, Health Link Consultants on ph: (03) 9670 5555 or toll free 1800 808 026.