From July 1, 2010, tax subsidies for private health insurance will given out according to income. People who earn more than A$120,000 a year will get no subsidy at all. The subsidy previously gave a 30 percent discount on health insurance premiums.
People aged below 65 and earning A$75,000-A$90,000 will have the subsidy cut to 20 percent. Those earning A$90,000-A$120,000 and aged below 65, will have their subsidy cut to 10 percent. With the possibility of drops outs from private health cover, the government will implement an additional tax that will be paid by wealthy people who choose to drop out of their private health insurance. The new tax will will be 1.5 percent of their total income.
About Ozecover
Ozecover is a GENUINE health insurance comparison site that offer a free service to the Australian public.
To make sure you are getting the best possible coverage for the money you spend, visit our site at: http://www.ozecover.com.au
Wednesday, May 13, 2009
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