Is taking private health insurance worth it to not have to pay the medicare levy surcharge, let’s go through an example today. Disclaimer: This is not financial advice and is for educational purposes only. This does not take into consideration your personal circumstances. #privatehealth #medicarelevysurcharge #wealthbymichael | Wealth By Michael
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Is taking private health insurance worth it to not have to pay the medicare levy surcharge, let’s go through an example today. Disclaimer: This is not financial advice and is for educational purposes only. This does not take into consideration your personal circumstances. #privatehealth #medicarelevysurcharge #wealthbymichael | Wealth By Michael
1.2K viewsApr 7, 2024
FacebookWealth By Michael
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Is private health insurance worth it for saving on tax? The great debate continues… 🏥 The Medicare levy is 2% of your income. Most people pay this regardless of having Private Health Insurance hospital cover. For the 2025-26 financial year, the Medicare Levy Surcharge thresholds are $101,000 for singles and $202,000 for families. If your income exceeds these amounts and you do not have private hospital cover, you may be required to pay a surcharge of 1% to 1.5% on your income. | Miriam Holme
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