Health

Look for this when you analyzing Medicare levy surcharges

There is an old and well worn statement that ‘nothing is guaranteed except for death and taxes.’  That statement is indeed a very good analogy to life.  If you are born, you will eventually die, however you can dramatically lengthen your lifespan with the right medical treatment. However it is true that the right medical treatment plans cost big bucks, something which you may not have? You know that you need good health insurance to cover your medical costs should you ever get really ill. However, you are wondering about the best ways to look for Medicare levy surcharges when comparing health insurance plans. This article will offer you some tips regarding the best ways to do this!

 

What are Medicare Surcharges to begin with?

If you asked this question, you have asked a very good question. The answer is, “a Medicare surcharge is a tax you will have to pay if you make more than $90,000 a year as a single person, or $180,000 a year as a family. This surcharge is equivalent to 1 – 1.5% of your annual income. That is real money that you could be using for other purposes, and it is levied to encourage you (and people like you) to take out private Medicare health insurance so that you (and people like you) don’t end up overburdening the public Medicare health insurance system (which has more people needing its services than it has funds to pay for this!)

 

The Medicare Levy Surcharge is levied at 1% if you are single and make more than $90,000 a year. It is 1.25% if you are single and make more than $105,000 a year. It is 1.5% if you make more than $150,000 a year, and that’s just if you are single!  Families, especially those with kids, end up paying as much as $2,400 of their income as a penalty for not having health insurance with a private Australian insurance company! It does not take a genius to figure out that you (and all Australians) will be better off financially if you take out a health insurance plan with great benefits at and affordable price because the annual premium will be less than the Medicare Levy Surcharge!

 

Now that you know that you need to have health insurance from a good Australian health insurance company, you should know that web portals like iHealth Insurance are designed for you because they partner with the best and largest health insurance companies in Australia to offer you great health insurance plans with low deductibles and copays, and great benefits at a price that you can afford. Since health insurance is one of your major expenses and concerns, you should now be breathing a sigh of relief.

 

Now know this…

If this didn’t motivate you to choose your health insurance plan from Health Insurance, you should also know that this web portal also explains to you what a Medicare Levy Surcharge is.  It gives in-depth information regarding the mechanisms of Australian health insurance, and educates you on what these plans cover in terms of medical procedures, medicines, and health benefits. The best part of the portal is that you can compare plans by zip code, which means that you can get a great insurance plan even if you don’t live in the state where the insurance plan is being offered. Doesn’t that sound like a sweet deal?

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