Many who hold bare-bones basic-tier hospital policies to avoid paying the Medicare Levy Surcharge could pay only a few dollars extra a month to have higher-level cover that provides real benefits.
Analysis by Compare Club shows a 30-year-old earning less than $93,000, with basic-level policy and $750 excess, would have paid $78 a month in 2023, on average. “It’s easy to accidentally shortchange yourself by purchasing a basic level cover without knowing you could have far better coverage for just a few dollars more,” Browne says.of at least 1 per cent on the income of those earning more than $97,000 a year, or couples earning more than $194,000 during 2024-25.The MLS is applied in income bands, with higher-income earners paying higher percentages. Some pay the surcharge when the cost of a bronze hospital policy is less.
Many opt for cheaper basic-tier hospital coverage to avoid these penalties, often without realising how limited their coverage is, Browne says.Each tier specifies services and treatments that must be included. The higher the tier, the greater the number of categories covered; though insurers have added “plus” categories to each tier which makes them harder to compare.
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