Akasully2 Posted June 18, 2014 Report Share Posted June 18, 2014 Having been here for just 5 weeks and not having sorted Medical Insurance yet, I keep being bombarded with TV ads about it. Why do they keep saying to get it before the end of the financial year? What are the benefits of getting it before the end of June? Does it apply to us? Help! Quote Link to comment Share on other sites More sharing options...
verystormy Posted June 18, 2014 Report Share Posted June 18, 2014 End of June is end of financial year and here, if you have worked in that year you need to do a tax return. If you don't have private health cover there can be negative tax implications. Quote Link to comment Share on other sites More sharing options...
Akasully2 Posted June 19, 2014 Author Report Share Posted June 19, 2014 Thank you VS. That cleared that one up! Quote Link to comment Share on other sites More sharing options...
Nikkis2000 Posted June 19, 2014 Report Share Posted June 19, 2014 Panic not though Sully - As a new migrant you have twelve months to get yourself sorted with Medical Insurance. Basically there is a loading that you can get slapped with if you don't have medical insurance after you turn 30. This is based on a % and increases every year that you don't have insurance (up to a maximum %. I can't remember what but it's horrendous). June 30 is the cut off each year, hence the adverts. To avoid paying the loading you have to take out medical insurance. However, as I said, migrants get twelve months to sort themselves out. When you do get round to sorting it out, simply give Medicare a call and they will explain what you need to send them. They then provide a letter stating that the loading is waived which you give to your insurer who then doesn't charge you the loading. Quote Link to comment Share on other sites More sharing options...
cocolevi Posted June 19, 2014 Report Share Posted June 19, 2014 Sorry I might be being daft but with medical insurance is this a seperate thing you need to do as well as having Medicare x Quote Link to comment Share on other sites More sharing options...
Nikkis2000 Posted June 19, 2014 Report Share Posted June 19, 2014 Yep. Medicare will only cover certain stuff. You get insurance to cover the bits it doesn't. Most folks normally get ambulance cover and maybe a basic hospital cover. Personally I get extras as well as I need things like Podiatry and Chiro. It totally depends on your circumstances as to what's best for you. Quote Link to comment Share on other sites More sharing options...
Nikkis2000 Posted June 19, 2014 Report Share Posted June 19, 2014 Oh and the loading charge is separate to the Medicare payment that everyone pays out of their salary. It's on top of. Quote Link to comment Share on other sites More sharing options...
cocolevi Posted June 19, 2014 Report Share Posted June 19, 2014 Thanks Nikki x Quote Link to comment Share on other sites More sharing options...
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