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Private Health Insurance.

Helping Individuals And Families Get The Right Policy With Quality Health Cover. 

Private health insurance is a long-term commitmentthat requires careful consideration

You need to be sure that you are getting the right cover and value for money, otherwise it can end up costing more than expected.
 
A lot of people don’t realise how much private health insurance costs until they have already signed up with their provider. It’s not uncommon to find yourself paying hundreds or even thousands of dollars each year in premiums without realising it. This can add up over time and cause big financial problems down the line.
At Forward360, we can help you understand the different types of plans with varying levels of coverage, exclusions and benefits.

We are your team of trusted Private Health Insurance Financial Advisors

We help you get the best possible coverage at an affordable price so you don’t have to worry about unexpected bills or gaps later on down the track when things start happening like having kids, moving house, changing jobs etc.

Do you need help with your private health insurance?

It can be hard to know which policy is right for you and your family. Let us take care of everything so you don’t have to worry about it anymore!

Take control of your health cover with the right policy.

Private Insurance Solutions for you

Medicare is a universal health care scheme that covers all Australian citizens and permanent residents. This national health insurance scheme is funded by the national government. Overall health system funding also relies on private health insurance, however, which is provided by a number of health funds. Private health insurance includes hospital cover and extras cover, with these two separate insurance schemes often combined in a single policy.

Hospital Cover

This type of insurance allows you to be treated as a private patient, either at a public or private hospital. With private hospital cover, you can avoid long waiting times and have access to a wider pool of doctors and medical professionals.

Extras Cover

This type of insurance provides coverage for non-hospital medical services, including many services not covered by the public Medicare system. Examples of such services include dentistry, alternative medicine, and services that require certain medical devices.

FAQs

In the right situation, SMSFs can be very lucrative. However, it’s important to understand the risks before establishing a fund. Generally speaking, SMSFs are beneficial to those with a large super balance (over $200,000), investing and legal experience, and enough time to manage a fund.

Self Managed Super Funds are just that; self-managed. Therefore, you need to have the time and expertise to do just that. If you lack either, a SMSF can be detrimental to your financial future.

For an SMSF to be worthwhile, the general consensus is that you need to have accumulated at least $250,000 of superannuation. However, a report from The Productivity Commission found that on average, SMSFs with balances below $500,000 have lower returns after expenses and tax compared to APRA-regulated funds (a standard superannuation fund). This being said, there are times when starting balance, under $500,000 may be financially beneficial and that a starting balance of $500,000 may not be helpful. It depends on your circumstances, experience, and investment goals.

 

To find out if you have enough money to establish an SMSF, arrange a complimentary meeting with one of our SMSF specialists at Forward360.

Many DIY SMSF do not have compliant trust deeds and may expose you to high penalties from the ATO. Your trust deed is your rule book and needs to be broad and legal. This provides for flexibility within your deed which allows for more strategic actions such as income streams and estate planning.

One of the main attractions of setting up an SMSF is to use your superannuation to purchase property. The incentive here is that you are only taxed 15%, which can be substantially lower than your personal tax rates.

 

However, you can only purchase property through a SMSF, if you follow the rules.

 

Any property you invest in must:

 

  • Pass the ‘sole purpose test’; whereby it is purchased only to offer members retirement benefits
  • Not be purchased by any relations of a fund member
  • Not be occupied by a fund member or fund member relations
  • Not be rented by a fund member or any fund member relations

It’s tempting to withdraw money from a SMSF, and you can; however, you should be aware of the penalties first. SMSF can pay benefits by means of an income stream, lump-sum figure or a combination of both, but if you withdraw money from your super fund without following the rules and regulations, you may face heavy penalties.

 

The ATO states, “As a trustee, if you knowingly allow illegal access to super you may incur penalties of up to $504,000 and jail terms of up to five years, or fines of up to $2.52 million for corporate trustees.”

 

Less-severe penalties include higher taxes or disqualification from being able to operate as a trustee of an SMSF.

 

It’s always best to talk to your SMSF specialist before withdrawing money from your super fund.

SMSF withdrawals can be either a lump-sum payment or a pension, where you receive periodic payments. To receive pension payments, you must first reach the preservation age, which varies depending on your date of birth. Pension payments can be either Account-Based Pension or Transition to Retirement (TTR). You can receive TTR payments as soon as you reach the preservation age, however, to receive Account-Based Pension payments, you need to be over 65 or retired, and have reached the preservation age.

 

To receive a lump-sum payment, you must meet the condition of release specified by your fund. Be mindful though; there are tax consequences of taking $200,000 or more as a lump-sum payment.

 

It’s best to talk to a Forward360 SMSF specialist to see which option is best for you.

Once you are fully retired, you can possibly live in your SMSF property if you are structured properly. You cannot, however, live in the property until you retire or reach the preservation age. And there are more conditions and aspects to think about.

 

For more information on SMSFs, visit the Australian Taxation Office (ATO) website.

In the right situation, SMSFs can be very lucrative. However, it’s important to understand the risks before establishing a fund. Generally speaking, SMSFs are beneficial to those with a large super balance (over $200,000), investing and legal experience, and enough time to manage a fund.

Self Managed Super Funds are just that; self-managed. Therefore, you need to have the time and expertise to do just that. If you lack either, a SMSF can be detrimental to your financial future.
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To learn more about our private health insurance services, please contact us.