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Consumers insurance - is it the right choice for you?
Public incentive to take out sickness insurance
You have probably noticed that the goverment provides pecuniary incentive for those who take out personal medical insurance. Australia's federal governments can subsidize the costs of your medical insurance, based on your income and your old age. It is referred to as the Australia State Rebate (AGR). Find out more about the Austalian State Rebate.
As soon as you are 30 years old, a 2% burden will be added to your health insurance premium for each year you are without coverage. The fee is known as the Lifetime Health Cover or LHC exposure. And the good news is that you have until 1 July after your birthday 31 to register, maintain your health insurance and prevent an LHC burden.
Find out more about the burden of lifelong health insurance. You could get savings with medical insurance. Unless you have personal health insurance and are earning more than $90,000 (or $180,000 for families), the Australian Revenue Service may levy an additional fee on your income statement. As a result, more than the costs of medical insurance may be incurred.