Can the Medicare Safety Net help with the cost of vasectomy?
Hi guys. This is a note and video about the Medicare Safety Net.
Pretty dry topic, but it could be important for your or your families finances.
There are several other explainer articles available on the web.
Medicare gives you a rebate on part of the doctors fee.
There are different trigger levels of safety net depending on income/tax and once you or the family hit these spending safety nets you will get increased rebates back from medicare.
The original Safety net is $531 in May 2023. If you hit this, you get a small 15% increase in the rebate paid to you. For my vasectomy example, the Medicare rebate is usually $206.60, you would instead get $243.05.
The Extended Medicare Safety Net starts at $770.30 for HCC or family tax benefit A recipients or $2414.00 for other families.
This Extended Medicare Safety Net is more generous and will now repay 80% of the medical fee. Again for my vasectomy example, at $700 in May 2023, if you are at the Extended Medicare Safety Net you will get 80% of $700 as a rebate or $560 back from Medicare, compared to the usual $206.60.
Like a lot of Medicare programs, it is complicated and there are several rules – one is that the Extended Medicare Safety Net is not automatically pooled for your couple or family, even if you are all on the one medicare card. You must log onto MyGov and check you are registered together as a couple or family for the safety net.
The second important item is that hospital fees do not count towards the Safety Nets for example a private hospital birth. However the obstetrician and GP visits during the pregnancy do, so you will probably still reach the safety net in that year for the family.