Here’s a quick rundown on the documents you may receive this tax time - what they mean, and how to use them for your tax return.
First things first, if you’ve held Medibank health cover between 1 July 2015 and 30 June 2016 – and you’re an adult – you will need your 2016 Private Health Insurance Statement (tax statement) to complete your tax return.
Of the following, the tax statement is the only one that is required for your tax return.
Your tax statement
Also known as a Private Health Insurance Statement, your tax statement contains information needed to complete the healthcare section of your tax return, such as:
Here’s a helpful cheat-sheet
We want to make tax time as simple and straight forward as possible for our members.
So we put together a “how to read” guide that shows you where all the information goes on your tax return.
Depending on your circumstances, you may also receive the following documents.
Lifetime Health Cover (LHC) Statement
The LHC statement is a mandatory document that’s sent out to all health fund members who have a Lifetime Health Cover loading on their policy. The LHC is a Federal Government initiative where a ‘loading’ can be applied to your premium if you take out hospital cover later in life. It acts as an incentive for people to take out hospital cover at an earlier age and maintain it. You can read more about the LHC here. Please note, the LHC loading doesn’t qualify for the Australian Government Rebate on private health insurance.
Standard Information Statement (SIS)
The SIS contains a summary of your cover, outlining its key features, general waiting periods, benefits and exclusions. The information and design of the SIS is standardised across all health funds, making it easier for people to compare like for like, to make an informed choice when choosing health cover.