Rebatable amount of health insurance policy to be capped

Nov 23, 2012

The 2012-13 Mid-Year Economic and Fiscal Outlook (MYEFO) has proposed that the government's rebate applied to private health insurance will be calculated using commercial premiums as at 1 April 2013 and then indexed annually by the lesser of CPI or the actual increase in commercial premiums. This will be used to determine an individual's private health insurance rebate. 

The rebatable amount may be less than the total cost of the policy that is charged by the health insurer. That is, the amount you receive a rebate on may differ from the amount paid for the policy.

I can already see this getting really messy in about ten years' time, can't you? 

If the proposal is passed then the measure will take effect from 1 April 2014.

For more information, refer to MYEFO media release (number 099-2012) issued by the Treasurer and Deputy Prime Minister Wayne Swan.

Tags: Accountant Sydney, Budget, Family, Personal tax

Author: Mr Taxman

Comments

Post a New Comment

comments-rhsLatest Comments

  • " My name is Amelia Jonathan from the United States, Using this opportunity to thank Dr. Ughulu is a grateful thing to me, for over years I have been sick with Hepatitis B disease, I have done a lot..."

    By: Amelia Jonathan at Feb 22, 2025 4:34AM

    Post: Unusual work from home expense you can claim a tax deduction for

  • "I already gave up on ever getting cured of HSV2 because i have try many treatment none of them work out for me i have gone to different hospital they always tell me the same thing there is no cure..."

    By: david at Feb 21, 2025 12:39PM

    Post: Unusual work from home expense you can claim a tax deduction for

  • " My name is Amelia Jonathan from the United States, Using this opportunity to thank Dr. Ughulu is a grateful thing to me, for over years I have been sick with Hepatitis B disease, I have done..."

    By: Amelia Jonathan at Feb 21, 2025 10:27AM

    Post: 2024/25 fee schedule

  • "I already gave up on ever getting cured of HSV2 because i have try many treatment none of them work out for me i have gone to different hospital they always tell me the same thing there is no cure..."

    By: david at Feb 21, 2025 3:11AM

    Post: Trading via self managed super fund (SMSF)

  • "I thought the physicians says there is no cure for HSV 2!!! I am telling you today that DR.UMA cure HSV 2 with his herbal medicine and once you get cured you are cured forever it is never reversible..."

    By: FRANCES TONY at Feb 20, 2025 12:15PM

    Post: 2024/25 fee schedule