2016 Private Health Insurance

20126 Private health insurance

Private Health Insurance Financial Fraud in Australia: Industry Perspectives. Assurance (letter of 23 June 2016). Membership and coverage of private health insurance - March 2016

The number of patients with health insurance as at 31 March 2016 was 11,331,535 and the number of patients with general health care was 13,406,259. Altogether 13,409,297 people were privately covered by some kind of health insurance. Australia had 47.2% of its health insurance covered with 55.8% of the general health care and 55.8% of the private health insurance system.

Figures for the three months ended March 31, 2016: Private health insurance's share of the total Aussie public rose to 55.8% in the third quarter ending 31 March 2016. Health insurance coverage declined by -0.06% to 47.2% of the total and general coverage rose to 55.8% over the same years.

There were 1.92 million over-65s, 17.0% of the total, and 52.6% of the over-65s in Australia. That was an improvement on the preceding three months of 21,390 policyholders. By March 2016, 1,148,264 policyholders had paid lifelong health insurance, a decline of -1.4% compared to December 2015.

Employees with health insurance had an insured life of 40.9 years on the average. Patients with general coverage had an median of 39.3 years. With a 7.7% rise, the 90-94 year olds were the group with the largest yearly rise in the number of policyholders. With a rise of 0.61%, the group with the smallest yearly rise was the 60-64 year-olds.

0-4, 15-19, 20-24, 25-29, 40-44 and 50-54 in 2016 in comparison with 2015.

Tax refund for private health insurance 2016-17

Taxpayers who are deemed to be residents and who have already contributed to a private health insurance scheme are entitled to a reduction in taxes, a reduction in health insurance premium or a reduction in health insurance premium. However, the vast majority tends to choose lower premium rates. What is the amount of the private health insurance deduction?

Please be aware that as of April 1, 2014, the PHI discount rates will be reduced by an adaptation coefficient. That means that each year two different PHI discount rates are used to calculate a taxpayer discount - one for the 1 July to 31 March and one for the 1 April to 30 June years.

ATO has made changes to the private health insurance section in its income statement to allow it to establish the amount of taxpayers' refund claims.

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