Bob Posted November 5, 2015 Report Share Posted November 5, 2015 We all want value for money.Same goes for health insurance premiums.You can save around 5% on your premiums if you understand how the whole health insurance industry works in Australia.The Australian federal ("Commonwealth") government doesn't run any hospital in Australia, but collects the 2% Medicare levy and administers the legal requirements of private health funds right across Australia.The Commonwealth gov't allows the private health funds to put up premiums once a year . . . on April 1st.Inflation in Australia is currently running between 2% to 3% a year, yet health insurance premiums are rising more like 5% to 6% each year, with increased costs of buying sophisticated medical equipment and servicing an ageing population in Australia.The smart consumer will pay a yearly premium, up front, some time in March each year, thereby getting the jump on any 5 or 6% increase set to kick in a few days later on April 1st.It will be a big outlay, but once it's paid for, there won't be any further weekly or monthly payments to make to your health fund . . . . time to save up for the next year's premium in March next year, for the budget conscious. 5 Quote Link to comment Share on other sites More sharing options...
Hugo2 Posted November 5, 2015 Report Share Posted November 5, 2015 Excellent advice! ThanxAdd to this, if on 457 and you file in SA, you can claim foreign medical payments made before 28 Feb - only actually paid expenses can be claimedFor those enjoying full 183/+60 day exemption (and no non-remuneration income) it is of little benefit but if you earn rental or investment income, do use this claim as other non-med aid fund payments! Quote Link to comment Share on other sites More sharing options...
Gerhardk Posted November 5, 2015 Report Share Posted November 5, 2015 Hugo,Would the Australian medical expenses (including the premiums paid in relation to private health - after rebate) not be deductible as medical expenses in RSA even if you are PR / citizen but assuming you are a dual resident in RSA and Australia? Yes, understand against other income such as capital gains, rental and interest earned in RSA. Effectively it will reduce foreign tax credit in Australia (since taxed here too) in theory is this not correct?Thanks Quote Link to comment Share on other sites More sharing options...
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