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059 is private health insurance worth it?

Dev Raga Personal Finance

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Medicare Levy Surcharge in Australia

All Australians pay a 2% Medicare levy on top of their usual taxation. If you earn more than 90,000 and don't have private health insurance then the government penalizes you another 1 to 1.5%. Many private health insurance companies have capitalized on this tax by encouraging people not to pay more tax but instead get something for themselves in return by way of private health insurance. In Australia no matter what your health condition is generally speaking private health insurance cannot deny you cover as it's totally different in the U.S.

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