Private health insurance customers to save up to $770 in cost of living boost

Private health insurance customers could save money after a cost of living boost on July 1.

Currently, the federal government provides a rebate to help offset the cost of private health insurance, which is calculated based on how much customers earn.

But come July 1 new thresholds are coming into effect that can save policyholders as much as $770 a year.

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Policyholders currently claim the rebate when filing a tax return or upfront, meaning reduced premiums from insurers.

A single person can already earn up to $93,000 a year and qualify for the highest rebate, but that salary cap will be raised to $97,000 from July 1.

For families, they get the most cash back if they earn less than $186,000, but that will bump up to $194,000 come July 1.

Customers can still receive a rebate if their wages tick over those amounts, but the rebate is no longer available once a single person earns more than $151,000 or a family earns $302,000.