7 health insurance deals to save you money at tax time
Save on tax: take advantage of these limited-time health insurance deals.
Tax time is here and if you're looking to make the most of your tax return, it's a good time to look at taking out or switching private health insurance.
That's because you can take advantage of the Australian government's private health insurance rebate and get as much as 24.608% off if you earn below $140,000.
Similarly, without health insurance, you'll be hit with an extra tax called the Medicare Levy Surcharge if you earn $90,000 a year or more. That's 1% of your taxable income that goes up to 1.25% once you earn over $105,000 and then again to 1.5% as soon as you earn over $140,000.
To get out of the MLS, all you need to do is take out basic private hospital insurance with an excess of $750 or less. Many policies are similar in cost or even cheaper than the MLS, so rather than pay a government tax and get nothing in return, you can get access to a bunch of medical treatments instead.
Here are 7 health insurance deals that can do that.
1. ahm. Get 6 weeks free and skip 2- and 6-month waiting periods on extras
ahm is currently offering 6 weeks free (after the first 60 days) when you sign up to a hospital and extras policy. You don't need to serve 2- and 6-month waiting periods on extras either. That means you can start getting your money back straight away on services like general dental, physio, chiro and optical, plus avoid paying the MLS with basic hospital cover. Some other benefits include the following:
- 20% off Michelle Bridges 12 Week Body Transformation
- 10% off ahm life insurance premiums
- 25% off a single pair of Specsavers glasses from the $149 range or above
- 15% off new Active Plus memberships at all Goodlife Health Clubs plus discounts at Fitness First
- 15% off car insurance or up to 30% off home and contents insurance
- 2 months free on ahm pet insurance
- 10% off ahm travel insurance
2. Medibank. 6 weeks free, plus 2- and 6-month waits on extras waived
It's a similar offer to ahm – you get 6 weeks free when you take out eligible hospital and extras cover and no 2- and 6-month waiting periods on extras services like general dental, physio, chiro and optical. It has currently extended its deal to July 13. You can also get discounts on the following:
- 15% off on selected sunnies at Sunglass Hut
- $14 movie screenings every Thursday
- 25% off selected TomTom sports products
- 15% off Medibank travel insurance
- 10% off Medibank pet insurance
- Save up to 25% on casual gym visits
- 15% off pregnancy and recovery wear from SRC Health
- 10% life insurance discount with Medibank
- 15% off laser eye surgery at Vision Eye Institute
- 15% off Goodlife Health Clubs
3. Peoplecare. Get 6 weeks free on hospital or combined policies
If you just want to avoid the Medicare Levy Surcharge, consider taking advantage of this Finder exclusive offer. New members get 6 weeks free when they take out hospital-only cover or a combined hospital and extras policy. You don't have to serve 2- and 6-month waiting periods on extras either.
4. Qantas. Get up to 110,000 Qantas Points and skip waiting periods
You can avoid the MLS and get up to 110,000 Qantas Points if you sign up to a policy before July 8. Plus, skip 2- and 6-month waiting periods on extras and get up to 20,000 Qantas Points with HelloFresh over 10 weeks when you subscribe to a weekly Classic, Veggie or Family Plan.
5. HCF. Loyalty rewards and discounts across Australian stores.
HCF was Finder's top not-for-profit pick and a finalist for the best Bronze and Gold policy. As a member, you can also get 10% off Rebel gift cards, 4% off Woolworths e-gift cards and more.
6. HBF. Get 6 weeks free on eligible hospital and extras policies
HBF will give you 6 weeks free if you take out hospital and extras cover. This includes Basic Hospital Plus, which starts at $17.11 per week and Basic Extras, which costs around $3.81 a week. The free weeks apply after you've held cover for 6 months.
7. CUA. $500 e-gift card plus skip 2- and 6-month waiting periods
CUA is currently offering an e-gift card to new customers who take out hospital and extras cover before 30 June, plus you won't have any waiting periods for extras services like general dental, chiro, podiatry and wellness benefits. You'll need CUA's most comprehensive policies to get the full $500.