With access to Medicare for Australians, many people looking to take out private health cover for the first time ask why they need insurance. The truth is, depending on their age and income, there are several ways having health insurance can actually save them money.
For starters, if your employees take out hospital cover before July 1st following their 31st birthday, they can avoid paying the Australian Government’s Lifetime Health Cover (LHC) loading. Your employees can read more about LHC and how it could impact them in the below article.
There is also the Government’s Medicare Levy Surcharge (MLS). To help fund healthcare, most Australian residents pay a Medicare Levy of 2% of their taxable income. In addition, if an employee earns over $90,000 (singles), or over $180,000 (couples/families) and doesn’t have the right cover, they may have to pay an extra 1-1.5% tax – more than the cost of some of our hospital covers!
You can help them save and get covered before June 30 by sharing the details of your Bupa corporate plan along with the information we’ve put together in the employee section of this site to become better informed (see below).