Hi Everyone! Asking about the supplementary health benefits question on the BIA in regards to Aussie employers paying into full-time and part-time employee’s super funds that automatically provide employees with life cover and TPD insurance, and/or income protection insurance.
Proof of this coverage would be your default funds PDS (Product Disclosure Statement) that explains who the insurer is, details of the cover available, and conditions for employees to make a claim
Has anyone successfully received these points (4.5 points )? Or does this not apply because it’s part of a “government program”?
Good question! I mean, utlimately is the employer who is paying the super; and the super is the body that offers the life insurance (which is different to Medicare and so on). So I would definitely give it a shot.
I thought it wouldn’t apply due to being in super… Hmm. Although employers are mandated to pay super, it belongs to the employee, they have choice over the fund and the insurance within there etc. For example I don’t have any insurance in mine as I have separate life insurance.
But would love to learn & hear more if you find out anything. Thanks Kiera!
Yeah, curious on the interpretation of this in the Aussie context. The statement is about benefits “to supplement government programs”. Super is a government program. Default death & TPD cover as part of super (there’s been industry changes here too) isn’t provided by the company - unless they specifically top up cover (some corporates do this as part of their plans)…
I hear you, @benpecotich! Investigating if points apply if a company intentionally tops up super contributions to cover insurance. Will keep everyone posted!
I’m curious about workers compensation too? It’s mandatory but not a Government program and provides disability and accident insurance – but obviously only in the event of a workplace injury.
Short answer: no, credit cannot be given for those examples.
Long answer: life cover, TPD insurance, and/or income protection insurance provided by superfunds is a standard offering in Aus (most super funds provide this level of cover automatically when you sign up). As this coverage is provided by the super fund, and not by the employee’s company, it is not eligible for credit (to earn credit at Supplementary Health Benefits; as companies need to take out an insurance policy directly and in their own right).
)? Or does this not apply because it’s part of a “government program”?
