wellbeing GRANT COLLINS I AUDIOLOGIST I CLARITY HEARING SOLUTIONS
STAKE YOUR CLAIM Did you know tax rebates can go a long a way to paying for hearing aids? With the end of the financial year fast approaching, if you have been thinking about doing something about your hearing loss then now may be a good time to act. There are several approaches you can take to reduce the cost of hearing aids and tax deductions and rebates are probably the most effective way to achieve this.
“IF YOU ADD UP THE MONEY SAVED ON TAX DEDUCTIONS, TAX REBATES AND PRIVATE INSURANCE YOU ARE WELL ON THE WAY TO HAVING A SIGNIFICANT PORTION OF THE HEARING AIDS PAID.”
Firstly there is the medical rebate, which entitles you to a rebate of 20 per cent for every dollar spent on medical expenses over $2000. Meaning that if you were to add up all your medical expenses for the financial year and they totalled more than $2000 you could claim back the 20 per cent. If for example your total medical expenses for the 2011-2012 financial year was $3000 then you would be entitled to claim back $200. Hearing aids and some hearing accessories are classified as medical devices so add this expense to your other medical costs. Being a medical device also means they are GST exempt. You should consult your accountant or the Australian Taxation Office for more information on deductions and rebate eligibility criteria.
Generally speaking, most private health fund providers allow for a new hearing aid claim every three years. However, it is advisable to speak with a fund consultant regarding your specific coverage allowances. It is also advisable to enquire if you are eligible to claim two hearing aids in the same calendar year if you require bilateral hearing aids. If you are on a pension then you are entitled to free, fully subsidised hearing aids. Any reputable accredited provider should be able to fit free devices of very high quality that sufficiently do the job without the need to spend extra money. However, if you want, you can still use your private health insurance to top up to smaller hearing aids or extra features such as Bluetooth or automatic settings not available on the government free-to-client hearing aid list. Also, if you spend more than $2000, you are entitled to claim the medical rebate if still lodging a tax return. If you add up the money saved on tax deductions, tax rebates and private insurance you are well on the way to having a significant portion of the hearing aids paid. Generally speaking I find that the combination of these usually equates to paying off around half of the cost of a set of hearing aids.
Further deductions may come via your private health fund. Most private health funds will cover a portion of the cost of hearing aids ranging anywhere from $400 per device up to around $2000 per device, depending on the policy coverage level and the fund you are insured through.
A sports car on the Birdsville Track? Make sure you get the right tool for the job! At Clarity we are an independent, 100% Townsville owned and operated hearing solutions clinic. Because we’re independent we can supply the right hearing solutions to meet your exact needs from all manufacturers. And with great local personal service why go anywhere else? See Clarity for all your hearing solutions.
Starkey Deep Canal Technologies*
Widex Tinnitus Treatment Technologies*
Siemens Waterproof/ Dustproof Technologies*
Phonak Lyric 24/7 Extended Wear Technologies*
Unitron Free Pensioner/ DVA invisible Technology*
*More brands and technologies available.
Call 1300 CLARITY (1300 252 7489) or 4779 1566 now for your free, no obligation consultation. Advanced Hearing Aid and Audiological Specialists
266 Charters Towers Road, Hermit Park e email@example.com
Ayr, Bowen, Charters Towers, Collinsville, Ingham, Mt Isa, Mackay, Brisbane
Grant Collins Principal Audiologist B.PSYCH(DIST).,M.AUDST.,MAUDSA (CCP)., MAAAPP. Georgia Cambridge Audiologist B.ARTS(PSYCH)., M.AUDST., MAUDSA Sophie McLennan Audiologist B.ARTS(PSYCH)., M.AUDST., MAUDSA(CCP)
DUO MAGAZINE JUNE 2013 duomagazine.com.au 73
Published on May 31, 2013
DUO Magazine is North Queensland’s very own luxury lifestyle publication. Now in its seventh year, the independent glossy has secured a plac...