What is private health insurance?
Private health insurance is health insurance cover that is provided by a company, for example Qantas Health Insurance. This is different to a public, government run insurance program and system, such as Australia’s Medicare.
Is health insurance tax deductible?
It’s a common question - is health insurance tax deductible?
The short answer is no, it's not tax deductible, but it can be a tax offset depending on a number of factors. If you qualify for the private health insurance rebate, the Australian Tax Office (ATO) will calculate your rebate as a lump sum when you lodge your tax return (a tax offset), or you can claim the private health insurance rebate as a reduction to your ongoing premiums.
The private health insurance rebate is an amount that the Australian Federal Government contributes to reduce the cost of your health insurance premium. The aim is to help take the pressure off the public system.
The government understands that everyone's circumstances are different, and that some people can afford more than others, which is why the rebate is generally a tiered percentage discount, based on your income.
Whether you qualify for a health insurance rebate depends on two things - the age of the oldest person covered by your policy, and your single or household income.
If you have private health insurance, the amount of rebate you may receive is reduced if your income is above a certain threshold, so please talk to your private health insurer for more details.
You can call Qantas Health Insurance on 13 49 60 for a health insurance quote and discuss your potential rebate, or get a quote online.
What is the Medicare Levy Surcharge (MLS)
The Medicare Levy Surcharge, or MLS for short, is a levy paid by Australian taxpayers who do not have private hospital insurance cover, and who earn above a certain income.
Currently the income threshold is $90,000 for singles and $180,000 for couples and families. This includes single parent families.
The surcharge is there to encourage those that can afford it, to take out private hospital insurance cover, in order to reduce demand on the public Medicare system.
If you currently have an appropriate level of private hospital insurance, you won't have to pay the MLS. Depending on your level of income, you may also be eligible for the private health insurance rebate.
What does Qantas Health Insurance offer?
Qantas Health Insurance helps cover the costs a member might face due to health related eventualities and occurrences. Qantas Health Insurance offers a broad range of products for Singles, Couples, Single Parents, or Families.
It’s easy to switch to Qantas Health Insurance
Qantas Health Insurance offers you more points earning potential with Qantas Points for signing up and paying your premium. Plus, you can earn points for staying active with the Qantas Wellbeing App. So, why settle for less rewarding insurance?
To find out more information, call one of Qantas Health Insurance’s dedicated team today on 13 49 60 and learn how easy it is to earn points now - points that you could put towards your next dream holiday.