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  1. #1
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    Default Medicare limits

    Sorry if this is in the wrong section but can someone help me understand this Medicare cap / threshold.
    Is it calendar or financial year? And what exactly is the limit

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    Calendar year.. The figures for out of pocket thresholds are on the Medicare website, they vary slightly for different circumstances

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    It's calendar year. I went over it this year, and because we got some ftb part A last year, the threshhold was $600. If you don't get ftb A, it's higher.

    once you go over, you get a lot back. For example, I paid $90 for a doctor's consultation and got $81.45 back (normally would only get about half back).

    If you think you're going to go over, make sure you phone Medicare to ensure that you and your spouse and children are all registered so they combine the out of pocket expenses for the purposes of the safety net.

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    Thanks

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    Also, remember that there is also a second threshold related to tax- which runs per tax year- you can claim 20% of out of pocket medical expenses once over the threshold of $2000 (I think those are the correct figure, but it would be worthwhile checking). So, things such as out of pocket OB management fees, which can often run into the thousands, may attract some sort of refund at tax time.


 

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