Commonwealth Consolidated Acts

PRIVATE HEALTH INSURANCE ACT 2007 - SECT 23.1

             (1)  The amount of premiums payable under a * complying health insurance policy in respect of a financial year is reduced in accordance with this section if a person is a * participant in the * premiums reduction scheme in respect of the policy.

             (2)  The amount of the reduction is the sum of:

                     (a)  30% of the amount of premiums payable under the policy in respect of days in the financial year on which no person covered by the policy was aged 65 years or over; and

                     (b)  35% of the amount of premiums payable under the policy in respect of days in the financial year on which:

                              (i)  at least one person covered by the policy was aged 65 years or over; and

                             (ii)  no person covered by the policy was aged 70 years or over; and

                     (c)  40% of the amount of premiums payable under the policy in respect of days in the financial year on which at least one person covered by the policy was aged 70 years or over.

             (3)  However, if, before 1 January 1999, a person was registered or eligible to be registered under the Private Health Insurance Incentives Act 1997 in respect of the policy, the amount of the reduction is the greater of:

                     (a)  the amount worked out under subsection (2); and

                     (b)  the * incentive amount for the policy for the financial year.

             (4)  If the amount of premiums is payable in respect of only part of a financial year, the amount of the reduction is worked out using this formula:

where:

"part of year" means the number of days in the part of the financial year.

"whole year reduction" means the amount that would have been the reduction if the premium had been payable in respect of the whole financial year.