Hospital cover might help you minimise tax
How can hospital cover help minimise tax?
If your taxable income is over $90,000 as a single or over $180,000 as a couple or family, you will have to pay the Medicare Levy Surcharge (MLS) if you don’t have eligible private hospital cover. If you’re subject to the MLS based on your taxable income, you can avoid it by joining one of Frank’s hospital covers.
* The price shown is per week and applies to a {LIFESTAGE} living in VIC. It excludes LHC loading and includes a Base Tier Government Rebate
Extras services (when included on cover) |
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All extras benefits except as specified below. Waiting Period: 2 Months |
Optical, home and domestic aids and medical aids. Waiting Period: 6 months |
Major dental services (including full & partial dentures, orthodontics, crown & bridgework, endodontic services such as root canal, gold fillings, indirect restorations, surgical extractions of a tooth/teeth including wisdom teeth). Waiting Period: 12 Months |
Health appliances including nebuliser pump, blood glucose monitor, pressure garments, sleep apnoea monitor, extremity pump, hearing aids, orthopaedic appliances (GMHBA approved), prostheses (GMHBA approved non-surgical), tens monitor, podiatry surgical procedures and orthotic appliances (foot). Waiting Period: 12 Months |
Hospital services (when included on cover) |
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Accidents - bodily injuries resulting from accidents which occur after the date of joining GMHBA or upgrading to a higher cover. Waiting Period: No |
Obstetrics and maternity. Waiting Period: 12 months |
Pre-existing ailment, illness or condition (other than psychiatric, rehabilitation and palliative care). Waiting Period: 12 months |
Any other benefit for hospital (or hospital substitution) treatment. Waiting Period: 2 months |
A pre-existing condition is one where signs or symptoms of your ailment, illness or condition, in the opinion of a medical practitioner appointed by GMHBA (not your own doctor), existed at any time during the six months preceding the day on which you purchased your hospital insurance or upgraded to a higher level of hospital cover and/or benefit entitlement.
A special waiting period applies to obtain benefits for hospital treatment for new members who have pre-existing conditions. The waiting period also applies to existing members who have recently upgraded their level of hospital cover. If the ailment, illness or condition is considered pre-existing:
New members
New members must wait 12 months for any hospital benefits (other than psychiatric, rehabilitation and palliative care).
Existing members (transferring or upgrading)
Members transferring/upgrading to a higher hospital cover must wait 12 months to get the higher hospital benefits (other than psychiatric, rehabilitation and palliative care).
Existing members (with at least 12 months membership)
Existing members with at least 12 months membership in total across their old and new cover are entitled to the lower benefits on their old cover.
Silver Hospital cover provides the same single room coverage as Gold Hospital, but co-payments of $100 per day up to a maximum of $700 per admission apply. Co-payments are not the same as hospital excess. Please note: Some private hospitals only have single rooms and co-payments will apply.
Co-payments do not apply.
Is it cheaper to have hospital cover than pay the MLS?
It can be. For example, you’re a single person under the age of 30 and have a taxable income of $90,000 per year. Without eligible hospital cover, your MLS payment would be $900. Taking out Frank’s Basic Hospital cover would cost you less than the MLS.
Check out Frank’s cheap hospital covers.