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  1. #11
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    o.k so if we never intend to get it we are probably better off not worrying about it? We are barely breaking even now so it's not something we could afford until i return to work which is a while off yet

  2. #12
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    Quote Originally Posted by silly View Post
    o.k so if we never intend to get it we are probably better off not worrying about it? We are barely breaking even now so it's not something we could afford until i return to work which is a while off yet
    I wouldn't get it if you cant afford it i wish i didn't have to pay it each month i think its a rip off but I'm still under 30 if your healthy and don't think you need it i would put it off till your back at work

  3. #13
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    If you earn over a certain amount and haven't got hospital cover you pay an extra 1 or 2 % Medicare levy at tax time.

  4. #14
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    Realistically, if you cannot afford phi but want to get in before your 31st birthday, or you earn too much for the Medicare levy, get the most absolute basic insurance you can afford. If you are really strapped for cash, don't worry about getting it. You are covered under the public health system anyway.

  5. #15
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    If you earn over $80k as single or $150k family and don't have phi, you will be hit with an extra 1-2% of your gross salary at tax time. So you may as well pay for basic phi and actually get something back for your money, if you fall in to these brackets.

    The loading for over 31 actually increases by 2% for every year you don't have it. So for example, if you don't take it out until 40, you are charged an extra 20%. This is a govt legislation, not the phi providers.

    Regarding TTC - no you don't have to have phi. You can choose to be treated in a public hospital and not have any fees or waiting periods, it's all free. BUT if you want to go private or choose your own OB, then you need phi. Pregnancy has a 12mth waiting period so you must have cover for 3-4mths before falling pregnant.

    Basic hospital cover is all you need if only doing it purely to avoid tax. Likewise if you think you may want it in future, the sooner you purchase it then cheaper it is (once over 31).

  6. The Following User Says Thank You to Pesca77 For This Useful Post:

    dancingchipmunk  (04-06-2013)

  7. #16
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    You need to weigh up the cost for basic PHI against the fee (fine) at tax time and the loading on taking out cover if you are nearing/over 31. We hadn't been living in the country when all this was introduced so weren't aware. But also thought, 'we are healthy, we don't need it'... and then we got hit with $600-$700 bills at tax time which felt like money down the drain. So we rushed out & got PHI.

    Our cover is also more expensive as we were both over 31 when we took it out. But every time I see my chiro, dentist, physio, do physio pilates, get contact lenses etc my PHI covers a portion which is just a bit of a bonus really.

  8. #17
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    we earn under $150k a year as a family so does that mean we wouldn't be getting penalised at tax time? If we do does anyone know how much? so i can weigh up if i use this years tax return to set up cover?

  9. #18
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    Quote Originally Posted by silly View Post
    we earn under $150k a year as a family so does that mean we wouldn't be getting penalised at tax time? If we do does anyone know how much? so i can weigh up if i use this years tax return to set up cover?
    You should be fine. It's called the Medicare levy if you want to check it out on the tax website.

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    silly  (05-06-2013)


 

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