Why did my private health insurance premium go up?
Want to know why your premium is increasing come 1 April?
Every July, while thousands of caffeine-fuelled Aussie accountants prepare for their busiest time of the year, nib sends a tax statement to customers.
And this statement could leave you with three taxing questions.
At nib, we like to keep things simple, so here are the uncomplicated answers - after all, there are only two things in life we can be certain of…
Between 1 and 15 July all health insurers in Australia are required by law to send a Private Health Insurance Statement to customers who made a payment or held a hospital cover at some point throughout the last financial year for the purpose of completing their tax return.
Every adult on the policy (unless they’re an adult, student or child dependant) will receive their own tax statement which will list their share of premium payments and private health insurance rebate – so if you and your partner are both on the same policy, your payments on the statement will show as 50/50.
If you do your tax online or through an accountant… nothing!
nib are required to send details of your private health insurance policy off to the ATO where they’ll add it to their system. That way, when you go to do your tax online or through an accountant, your private health insurance rebate details will automatically be uploaded for you.
If you prefer to do your tax the good ol’ fashioned way, by posting in a tax pack, you’ll need your Private Health Insurance Statement to complete this. For help on what sections you’ll need your tax statement for, visit the ATO website.
Regardless of how you complete your tax return, your nib statement is like any other financial record (including those pesky dry cleaning receipts) and it’s important to keep it safe. However, if you lose your nib tax statement, you can always reorder it through Online Services.
If you’ve chosen to receive your nib correspondence by email, your tax statement will automatically be sent to your preferred email address in early July.
However, if you’ve elected to receive your nib correspondence by post, we’ll send out your statement by 15 July. We try and keep our environmental impact as low as possible by using carbon neutral paper produced from 100% recycled fibre, but if you’d like to receive nib correspondence via email, you can make the switch online.
For more on your nib tax statement, check out our Tax time information.
Are you an nib shareholder? Don’t forget to declare your dividends when you do your tax return. For more information, visit the nib shareholder website.