Shrewd Aussies are settling health insurance bills early

A growing number of Aussies are settling their health insurance bills in advance in order to receive a significant rebate.

The government will change the way it calculates who is eligible to benefit from the concessions from July 1st and many Aussies are set to fall on the wrong side of the threshold.

Single people earning more than $84,000 a year will lose out on the 30 per cent discount, as will households that accrue in excess of $168,000.

However, some of the nation's leading health insurance providers have reported that thousands of people have prepaid their premiums already so they are guaranteed to receive the reduction, the Daily Telegraph reports.

It is hardly surprising that Aussies are looking to ease the strain on their bank accounts at a time when the cost of living down under is spiralling upwards.

Despite the loophole, the government does not think it will harm its financial plans.

"Pre-payment of fees will not affect the forecast budget savings," a spokesperson recently said.

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