Prepay Your Private Health Insurance Now

By Jason Fittler

With the changes being introduced to Private Health and the reduction to the Government Rebate, please be aware that you can prepay your private health insurance before the end of June and still receive the Rebate.

For Medibank Private, you can prepay to 31st December 2013, provided you organise prior to 25th June 2012. You need to ring phone 132331 and wait in queue to receive a quote for the amount of time you wish to repay. You can then either pay online via Medibank site or via BPay and they will provide you with BPay and reference number.

For BUPA, you can prepay up to 14 months ahead. You need to ring 134135 and I assume the same type of thing will apply as above.

It is certainly worth looking into, if you haven't already. While you are on the phone, you may also wish to review the rebate percentage that you are entitled to, now that the rebate is means tested. The change that you make to the rebate percentage, (if any), would not commence then until you resume paying after the prepayment runs out.

If you are not with the above 2 funds, I'm sure your fund would have some similar options, you will just need to contact them.

The changes are as follow:

  1. If you earn under $84,000 per year then the rebate will be 30% if under age 65, 35% if between ages 65-69 and 40% if aged 70 or over.

  2. If you earn between $84,000 and $97,000 per year then the rebate will be 20% if under age 65, 25% if between ages 65-69 and 30% if aged 70 or over.

  3. If you earn between$97,000 and $130,000 per year then the rebate will be 10% if under age 65, 15% if between ages 65-69 and 20% if aged 70 or over.

  4. If you earn over $130,000 you will receive no rebate at all.

For couples simply double the above limits.

For more information please contact us on 07 4771 4577.