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.
Source 1Source 2Source 3

Examples of Medicare Levy Surcharge in a sentence

  • The Medicare Levy SurchargeThe Medicare Levy Surcharge (MLS) is a Federal Government initiative, designed to encourage individuals to take out private hospitalcover and, where possible, use the private hospital system to reduce the demand on the public system.The MLS is levied on Australian taxpayers who do not have private hospital cover and who earn above a certain income.

  • In this paper, we provide new evidence on the effect of one of these policies, the Medicare Levy Surcharge.

  • For those taxpayers without private hospital cover, with adjusted taxable incomes above $90,000 for individuals and $180,000 for couples or families, the Medicare Levy Surcharge will apply.

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

  • The facility also includes an accordion feature under which the Company may request from time to time an increase in the revolving commitment of up to $5 million (for a total commitment of up to $17.5 million).

  • Higher income earners pay an additional Medicare Levy Surcharge if they don’t have PHI cover.

  • Please go to our website for more information about the Medicare Levy Surcharge.

  • Ask us for more details.If you have reciprocal access to Medicare, or obtain full access to Medicare benefits and are a high income earner, you may be required to pay the Medicare Levy Surcharge if you do not have an appropriate level of private hospital cover.

  • The amount reported is used in the calculation of HELP, child Support, Medicare Levy Surcharge and some other government allowances.

  • Tax warning The Medicare Levy Surcharge is payable by high income earners during any period of suspended hospital cover.

Related to Medicare Levy Surcharge

  • 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.