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FREE Medicare Levy Surcharge vs Private Hospital Insurance Calculator

This Medicare Levy Surcharge vs Private Hospital Insurance Calculator aims to help Australians to decide whether they should pay Medicare Levy Surcharge or buy Private Hospital Insurance in order to save money.

What is the Medicare levy surcharge (MLS)?

According to Privatehealth.gov.au website, "The Medicare Levy Surcharge (MLS) is levied on payers of Australian tax who do not have private hospital cover and who earn above a certain income."

From 1 July 2012 (i.e. financial year 2012-2013, FY2013), the Medicare levy surcharge (MLS) income test will change. If you are single, earn more than $90,000 and don’t have private health insurance hospital cover you will pay the MLS. If you are a family, have a combined income of more than $180,000 and don’t have hospital cover for you, your partner, or your children – you will pay the MLS.

From 1 July 2012, the private health insurance rebate will be income tested. If you expect to earn more than $90,000 as a single, or more than $180,000 as a family in the 2015-16 financial year, you are most likely to get a rebate less than the usual 30 per cent.

Here is a screen shot that will give you a better idea that what you need to do and how this free calculator might help you to save money.

FREE Medicare Levy Surcharge vs Private Hospital Insurance Calculator

View full size image of FREE Medicare Levy Surcharge vs Private Hospital Insurance Calculator

This calculator is built in Microsoft Excel worksheet. You need to have Microsoft Excel 2007-2013 and Microsoft Windows to use it. You may be able to use the calculator with other applications that can open and read XLS spreadsheets, but this has not been tested.

Your 'income for surcharge purposes' will be used to determine if you are liable to pay the Medicare levy surcharge. If you have a spouse, your combined income for surcharge purposes will be used. Income, for surcharge purposes, is the sum of your:

* taxable income (including the net amount on which family trust distribution tax has been paid)

* exempt foreign employment income (if your taxable income is $1 or more)

* reportable fringe benefits (as reported on your payment summary)

* total net investment losses (includes both net financial investment losses and net rental property losses)

* reportable super contributions (excludes the 9% superannuation guarantee contributions)

less

* if you are aged 55-59 years old, any taxed element of a super lump sum, other than a death benefit, which you received that does not exceed your low rate cap. (Please note: This free Medicare Levy calculator does not incorporate this point.)

Income for surcharge purposes is only used to determine whether you are liable to pay. It is not used to calculate how much surcharge you pay. The Medicare levy surcharge is only levied on the total of your taxable income and reportable fringe benefits.

Download FREE Medicare Levy Surcharge vs Private Hospital Insurance Calculator (2016-2017 financial year)!

Download FREE Medicare Levy Surcharge vs Private Hospital Insurance Calculator (2015-2016 financial year)!

Download FREE Medicare Levy Surcharge vs Private Hospital Insurance Calculator (2014-2015 financial year)!

Download FREE Medicare Levy Surcharge vs Private Hospital Insurance Calculator (2013-2014 financial year)!

Download FREE Medicare Levy Surcharge vs Private Hospital Insurance Calculator (2012-2013 financial year)!

Download FREE Medicare Levy Surcharge vs Private Hospital Insurance Calculator (2011-2012 financial year)!