The Australian Government has introduced a number of initiatives to encourage people to take out private Hospital cover in order to reduce the pressure on the public health system. If you fall into one of the categories below, having CUA Health Hospital Cover may benefit your finances as well as your health. As well as saving on tax, the benefits of health insurance include:
If you don’t have private hospital cover, you may have to pay the ‘Medicare Levy Surcharge’ of an additional 1% to 1.5% of your income.
This is on top of the mandatory 2% you already pay as the ‘Medicare Levy’ (unless you’re one of the few exempt).
‘Lifetime Health Cover’ is a government initiative designed to encourage people to take out private hospital insurance earlier in life and maintain it.
People who delay taking out cover will pay a 2% loading on top of their premium for every year they’re aged over 30 when they first take out private hospital cover.
The Australian Government offers a rebate to help cover your premium. Rebates are calculated based on your income and age.
If you do fall into the categories of being a high-income earner or over the age of 31, take a look at the following examples to get an understanding of how you could be affected.
If you don’t have private hospital cover, you may have to pay the ‘Medicare Levy Surcharge’ of an additional 1% to 1.5% of your income.
This is on top of the mandatory 2% you already pay as the ‘Medicare Levy’ (unless you’re one of the few exempt).
‘Lifetime Health Cover’ is a government initiative designed to encourage people to take out private hospital insurance earlier in life and maintain it.
People who delay taking out cover will pay a 2% loading on top of their premium for every year they’re aged over 30 when they first take out private hospital cover.
The Australian Government offers a rebate to help cover your premium. Rebates are calculated based on your income and age.
It really depends on you and your family. With all CUA Health Hospital cover options, you’ll remain fully eligible for the Medicare Levy Surcharge exemption, but the benefits of health insurance are more than just the tax saving should you ever get sick or injured.
Have a think about your medical history, your current health and anything that may affect you in the future. Are you likely to need to go into hospital in the near future? And if something was to happen to you, how much of a co-payment or excess could you afford to pay? Then think about Extras and whether you need cover for things like optical, physio or dental.
Our private hospital options let you choose the level of cover that best suits your needs and your budget. Basic Hospital is ideal if you're healthy and don't want to pay for what you don't need. For greater cover, Standard Hospital is a good option, while our top Premium Hospital covers give you the peace of mind that you and your family are well protected. There's a choice of excess levels, plus a Premium Hospital - Non-obstetrics cover if pregnancy isn't on your roadmap.
See Hospital Cover in detail
With all our Extras covers, you're not restricted to a network of preferred providers - so you can choose when and where you're treated.
Total Extras and Classic Extras offer the same full range of services, including preventative Wellness Benefits to help you stay healthy. What sets them apart is how much you can claim each year. Basic Extras is a great entry-level cover with affordable dental, physio and optical benefits.
Important information
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**Get 4% discount on your CUA Health premium when you register to pay your premium by direct debit from a Great Southern Bank transaction account. CUA Health reserves the right to amend or remove the discount and any qualifying criteria at any time. We will always provide you with reasonable notice before exercising this right. Full terms and conditions available at cua.com.au/health-insurance/health-discount.
Health insurance is provided by CUA Health Ltd ABN 98 098 685 459 (CUA Health) which is not an authorised deposit-taking institution. Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959 AFSL and Australian Credit Licence 238317 does not guarantee or support CUA Health.
