A rebate is defined as the amount deducted from a required payment and that is returned to the payee. Rebates are famous strategies of most companies to attract clients or investors. Of course, given a choice between a company that does not offer rebate when you purchase a specific product from them and another brand that does otherwise, you would tend to choose the latter.
Among the many companies that offer rebates are insurance and real estate businesses. They are categorically able to do so because of the high rate of revenue they get from their sales. For example, if you sign up for an insurance claim, you can come in agreement with the company that for your contributions you would be given back a specific portion of your payments.
Private health insurance providers are popular in the rebates they give their clients. If you have signed up for a health insurance, there are various rates of the rebate that you are entitled to. Most of the time, the amount of the rate depends on your age or the age of your beneficiaries.
An example is the Private Health Insurance Rebate, known as well as the Federal Government 30% Rebate, which is introduced by the Australian Government. For this rebate, the rate ranges from at least 30% if you are 65 years and younger. For contributors who are 66 to 69 years old, the rebate increases to 35%. At most, the rebate can reach up to 40% if you are 70 years old and up.
The Australian Private Health Insurance Rebate is something you can claim if you hold a Medicare card, often the green and the blue one. Claiming it is relatively easy. You just have to sign an application form and indicate how you want the rebate to be claimed. You can opt to claim it in cash form from any designated Medicare office. But if you want, you can also choose to claim it as a reduced premium. It means that the rebate gets deducted from your contributions, thus you pay less. Or, you can claim it as part of your tax return where all the rebates are given to you at the end of the year, in cash form, on top of your tax return.
Rebates are great but only so if you know how to claim them and make use of them wisely enough. So ensure that you have the right knowledge about getting a private health insurance rebate before you get one for you or for your family.