Will it better I select lower income bracket for insurance premium?
For example,
if the insurance company give 6 weeks free
under 194k, cost $50 a week
194-229k, cost $60 a week
if I choose under 194K premium but my final income is over 194K, will ATO ask me to pay the premium difference for the 6 weeks free period for 6 x $10 = $60?
If this is the case, should I be better off to choose $60 a week premium?
so is it better to do at the right bracket and so the free 6 weeks is paid/reimbursed at a higher premium?
Will ATO refund if I paid at a higher premium but on lower income bracket.
it is easier to just do it correctly to start with
The premium is always the same, so the value of the 6 weeks is always the same, its the amount of the rebate that varies based on your income. If you give the wrong tax bracket now, when you do your tax return you will end up with an additional debt to pay to the ATO which is the difference between the rebate tiers.
The 6 weeks free is just free, it costs $0.
Using your numbers, if you choose to pay the $50 a week and your income ends up being too high, then you have to pay the ato $10 for every week that you paid the premium.
So in one year you would pay 46 weeks and get 6 weeks free, which means you would have to pay back $460
Your private health insurance rebate/reduction is recalculated at tax time, if you have underestimated your income you will have an amount to pay