Each year, nib issues statements for each health cover policy that was current during the last financial year.
The Private Health Insurance Statement
As a registered Health Fund, nib is required by the Federal Government to issue you with your Private Health Insurance Statement by the 15th of July each year. Your Statement contains important information to help complete your Tax Return. You will need your Private Health Insurance Statement as proof of your rebate entitlement for tax purposes.
The first section of this statement tells you if you need to claim the 30% Rebate on Private Health Insurance as a tax offset, or if you have already claimed your entitlements through a reduced premium. (If the amount at G is $0 on your Private Health Insurance Statement, you have already claimed your full entitlement.) If you or someone covered by your policy turned 65 or 70 years of age in the last financial year and you are eligible for the Federal Government Rebate, your new level of rebate has been included in the calculations and is shown on your statement.
Please note: If you have claimed the Federal Government Rebate through a Medicare office this will not appear on the Private Health Insurance Statement sent out by nib.
If you did not have the required level of appropriate Private Patient Hospital cover, your Tax Adviser will calculate the pro rata extra Medicare Levy for you.
Claiming the Federal Government Rebate as a tax offset
Your Private Health Insurance Statement tells you if you can claim the Federal Government Rebate as a tax offset. You can claim the Federal Government Rebate as a tax offset if the amount at G on your statement is more than $0 (e.g. $259.00) AND you have not claimed the rebate already through Medicare. Please keep the statement for your records.
Have I claimed the Federal Government Rebate for this year?
If you have not claimed the Federal Government Rebate for the entire financial year, your Private Health Insurance Statement will show the maximum claimable rebate amount you may be able to claim as a tax offset. Please note that this amount does not take into account any payments you may have received from Medicare.
When to expect your Private Health Insurance Statement
You can expect to receive your statement anytime from the 9th of July. nib must wait until after the 30th of June each year to produce your Private Health Insurance Statement and Lifetime Health Cover Annual Statement. This is to ensure that the information recorded on your statements is accurate.
Your Private Health Insurance Statement includes all payments receipted and processed within the financial year.
Obtaining a replacement copy
Additional statements for the current financial year can be obtained from nib after the 28th of July. Please email us or call the nib Customer Care Centre on 13 14 63.
Private Health Insurance Statements for previous financial years
Statements for previous financial years can be obtained from nib at anytime. Please email us or call the nib Customer Care Centre on 13 14 63 to order a copy.
My statement is incorrect
If you think that your statement may contain incorrect or out of date information, please email us or call the nib Customer Care Centre on 13 14 63.
Obtaining a copy of your claims statement for tax purposes
nib can issue a Claims Statement and you may request one from Medicare by calling 13 20 11. The claims statement will summarise the charges, schedule fee and benefits paid for claims received and processed by nib during the financial year. It will also help you to calculate your out of pocket expenses.
If you have out of pocket medical expenses (i.e out of pocket expenses above the Medicare and Health Fund benefits), you may be able to claim 20% of net medical expenses over the $1,500 threshold amount.
Please note: A Claims Statement is only available when there have been claims within the financial year period.
Please ask your Tax Adviser or the Tax Office for further information on what is claimable under medical expenses and your entitlements. The Tax Office can be contacted on 13 28 61 or at www.ato.gov.au
Lifetime Health Cover Statement
If you held a level of nib hospital cover during the financial year, nib is required by law to send you a Lifetime Health Cover (LHC) Annual Statement. Your LHC Statement shows the adults covered by nib hospital cover during the statement period, as well as any LHC premium loadings and/or periods of absence (any days without hospital cover) that may apply. This statement also provides a summary of your nib hospital cover that was held during the financial year. This Statement is for your information only; you may like to keep it for your records. No other action is required.