Pharmaceutical Benefits Scheme & Private health insurance Flashcards
1
Q
Define the PBS
A
The PBS was introduced to subsidise the cost of a wide range of prescription medications, providing Australians with vital medication at affordable prices.
2
Q
Define private health insurance
A
Private health insurance is a policy that is taken out by individuals or families that they pay premiums for to provide cover for services that are not covered by medicare.
3
Q
What are 3 incentives that promote private health insurance?
A
- Private health insurance rebate: Policy holders receive a 30% rebate on their premiums for private health insurance.
- Lifetime health cover: Individuals that take out private health insurance before they are 30 yrs old get cheaper premiums
- Medicare levy surcharge: People earning more then $90,000 a year pay an extra tax as a medicare levy surcharge fee if they do not purchase private health insurance.
