Under Australian Government changes, health funds are no longer required to automatically provide members with an annual tax statement. If you lodge your tax return online with myTax or a registered tax agent, your health insurance tax information should be automatically populated in your tax return by late July. You won’t need to enter this information yourself. If you would like a copy of your tax statement, you can request one, and we will provide it to you.
You've got until 1 July after you turn 31 to buy private hospital cover to avoid paying the LHC loading.
For every year you delay, you may have to pay an additional 2% (up to a maximum of 70%) on top of the cost of your private hospital cover. Also note that the Australian Government Rebate does not apply to LHC loading. The good news is that the loading doesn’t last a lifetime. Once you have held private hospital cover for 10 continuous years, any obligation to pay loading will be removed.
If you (or your partner) paid the loading last financial year, you’ll (both) receive a statement at tax time that includes the following information:
Find out more about LHC loading, including what effect is has on your private hospital cover premium and what exclusions and conditions apply: