Medicare Levy Surcharge definition

Medicare Levy Surcharge means an extra charge payable by high income earners beyond the standard Medicare Levy if they do not have qualifying private hospital insurance coverage. This charge is assessed as part of an individual or family’s annual tax return.

Examples of Medicare Levy Surcharge in a sentence

  • There are specific rules for calculating income for Medicare Levy Surcharge purposes.

  • The marginal tax rate includes the Medicare Levy at a rate of 2% and does not include the Medicare Levy Surcharge which may be applicable.

  • The liability of an individual to pay the Medicare Levy or Medicare Levy Surcharge depends on the individual’s personal tax situation.

  • Unoccupied land which is zoned Commercial or Industrial under the Ararat Rural City Council Planning Scheme.

  • Discontinue the availability of junk policies that are designed to solely avoid the Medicare Levy Surcharge while providing only minimal cover.

  • Check the rules about this with your health fund before you go.If you suspend your hospital insurance you may become liable for the Medicare Levy Surcharge for the period of time that your membership is suspended (depending on your taxable income).

  • The penalty for not holding private hospital insurance is discriminatory and unfair; penalising those over 30 years of age who do not hold cover a cumulative 2 percent loading per year (up to 70%) via the Medicare Levy Surcharge.

  • The motion was seconded by John Caruso and unanimously approved with a 4-0 vote.

  • In the category >$500/$1,000 the intention is for funds to report those policies that are subject to the Medicare Levy Surcharge due to the size of their Excess.

  • An additional Medicare Levy Surcharge may apply to high income earners during any period of policy suspension.

Related to Medicare Levy Surcharge

  • Medicare means the “Health Insurance for the Aged Act,” Title XVIII of the Social Security Amendments of 1965, as then constituted or later amended.

  • Medicaid means that government-sponsored entitlement program under Title XIX, P.L. 89-97 of the Social Security Act, which provides federal grants to states for medical assistance based on specific eligibility criteria, as set forth on Section 1396, et seq. of Title 42 of the United States Code.

  • child care element of working tax credit means the element of working tax credit prescribed under section 12 of the Tax Credits Act 2002 (child care element).

  • Medicare benefit means the Medicare benefit payable within the meaning of Part II of the Health Insurance Act 1973 with respect to a professional service.

  • Health care worker means a person other than a health care professional who provides medical, dental, or other health-related care or treatment under the direction of a health care professional with the authority to direct that individual's activities, including medical technicians, medical assistants, dental assistants, orderlies, aides, and individuals acting in similar capacities.

  • Health care facility or "facility" means hospices licensed

  • Explosives or munitions emergency response specialist means an individual trained in chemical or conventional munitions or explosives handling, transportation, render-safe procedures, or destruction techniques. Explosives or munitions emergency response specialists include Department of Defense (DOD) emergency explosive ordnance disposal (EOD), technical escort unit (TEU), and DOD-certified civilian or contractor personnel; and other Federal, State, or local government, or civilian personnel similarly trained in explosives or munitions emergency responses.

  • Child care facility or “facility” means a child care center, a preschool, or a registered child development home.

  • Third Party Payor means any governmental entity, insurance company, health maintenance organization, professional provider organization or similar entity that is obligated to make payments on any Account.