The Medicare Levy Surcharge (MLS)
This surcharge is an additional tax (on top of the 1.5% Medicare Levy that most tax payers are required to pay) that’s levied on to Australian taxpayers who earn above the MLS thresholds and don’t have private hospital cover.
If you’re an individual earning $90,000 per year, for example and you don’t have hospital cover, the MLS means that you’ll have to pay an extra $900 in tax (1% of your annual income). But with hospital cover available for less than $900, you could walk away with the benefits offered by a hospital only or a hospital and extras policy, avoid paying the tax and still have money left over.
The MLS will increase to 1.25% if you earn over $105,000 ($210,000 for couples, families and single parents) and 1.5% if you earn over $140,000 ($280,000 for couples, families and single parents).
Health funds in Australia are very competitive so you should take the time to compare your policy to some health funds you might not have heard of in Australia. It could save you thousands of dollars!!!
List of health funds
Following is a list of health funds registered under the Private Health Insurance Act 2007. Provided by privatehealth.gov.au
Title | ATO ID | Type | States |
ACA Health Benefits Fund | ACA | Restricted | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
ahm Health Insurance | AHM | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Australian Unity Health Limited | AUF | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Bupa Australia Pty Ltd | BUP | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
CBHS Health Fund Limited | CBH | Restricted | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
CDH Benefits Fund | CDH | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Central West Health Cover | CWH | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
CUA Health Limited | CPS | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Defence Health Limited | AHB | Restricted | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Doctors’ Health Fund | AMA | Restricted | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
GMF Health | GMF | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
GMHBA Limited | GMH | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Grand United Corporate Health | FAI | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
HBF Health Limited | HBF | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
HCF | HCF | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Health Care Insurance Limited | HCI | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Health Insurance Fund of Australia Limited | HIF | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Health Partners | SPS | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
health.com.au | HEA | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Latrobe Health Services | LHS | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Medibank Private Limited | MBP | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Mildura District Hospital Fund Ltd | MDH | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
National Health Benefits Australia Pty Ltd (onemedifund) | OMF | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Navy Health Ltd | NHB | Restricted | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
NIB Health Funds Ltd. | NIB | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Peoplecare Health Insurance | LHM | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Phoenix Health Fund Limited | PWA | Restricted | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Police Health | SPE | Restricted | QLD, SA, TAS, WA, NT. |
Queensland Country Health Fund Ltd | QCH | Open | QLD. |
Railway and Transport Health Fund Limited | RTE | Restricted | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Reserve Bank Health Society Ltd | RBH | Restricted | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
St.Lukes Health | SLM | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Teachers Health Fund | NTF | Restricted | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Transport Health Pty Ltd | TFS | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
TUH | QTU | Restricted | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
Westfund Limited | WFD | Open | ACT, NSW, QLD, SA, TAS, VIC, WA, NT. |
No Comments