For many mums, the end of financial year isn’t just about receipts and refunds, it’s another item on an already overflowing to-do list. Between work, parenting, school drop-offs, dinner prep and everything else in between, it’s easy to feel like there’s no time to think about things like private health insurance or energy bills. But this time of year can be a great opportunity to take stock and make a few small changes that could have a real impact on your household budget. If you’re feeling the squeeze (and let’s face it, who isn’t?), here are a few tips that might help ease some of that financial pressure.
1. Understand the Medicare Levy Surcharge
The Medicare Levy Surcharge (or MLS) is an extra tax that high-income earners may have to pay if they don’t have an appropriate level of private hospital cover. From 1 July 2025, the MLS income thresholds are being adjusted, so that if you’re earning $101,001 or more per year as a single (for example) and don’t have private hospital cover, you may need to fork out more tax through the Medicare Levy Surcharge (MLS). Instead, you may be able to find a lower tier of hospital cover for a similar price, rather than giving extra money to the taxman. This surcharge can be up to 1.5% of your income, and it’s often overlooked. Taking out an eligible hospital policy before 30 June could help you avoid this cost. You can check your eligibility on the ATO website.[1]
2. Know About Lifetime Health Cover (LHC) Loading
Lifetime Health Cover (LHC) is a government initiative that encourages you to purchase and maintain private patient hospital cover earlier in life. Generally, if you don’t hold and keep an appropriate level of private hospital cover by 1 July, following your 31st birthday, and then decide to take it out later, you’ll likely be lumped with this loading, which starts at an extra 2% on top of your premiums. For every year you’re without cover, the loading amount increases. The maximum LHC loading that can be applied is 70%. Once you have paid LHC loading for 10 years of continuous cover, you will no longer have to pay it. If you’ve been putting it off, now is the time to reassess. [2]
3. Review Your Health Cover — It Might Be Outdated
Even if you’ve already got private health insurance, you might not be getting the best value. Health funds increased premiums on 1 April, and if you didn’t shop around then, you could be paying more than necessary. A quick call with an iSelect comparison expert could help you find a better deal or a policy that’s more suited to your needs from their range of providers and plans. Especially if your circumstances have changed.*
4. Don’t Forget Energy Bills — They’re Rising Too
The mercury has well and truly plummeted across many parts of the country, and if you’ve been tempted to crank the heater lately, or take longer and hotter showers, you wouldn’t be the only one! Energy bills tend to spike around this time of the year, and to add insult to injury, electricity price increases are expected from 1 July in many parts of the country. Your retailer is required to let you know if your rates are changing, and by how much. This should be your cue to get on the front foot and shop around. We are seeing differences between plans and providers, and every dollar counts!
In fact, new research from iSelect found 78% of Aussies who switched energy providers or plans in the last two years saved money. 65% saved over $100 a year, 33% more than $200, and 10% over $500.”[3]
We know the EOFY isn’t everyone’s favourite time, but it can be empowering and even put you in a stronger financial position for the year ahead. As mothers, there’s a lot on your shoulders already. These steps won’t solve everything, but they can help lighten the load, even just a little.
About iSelect
At iSelect, we’re passionate about making Aussies’ lives easier by saving them time, effort and money. We are Australia’s go-to destination for comparison across insurance, utilities and personal finance products made available from our range of providers. Our service is provided at no cost to the customer. www.iselect.com.au
Disclaimers
iSelect does not compare all products in the market. The availability of products iSelect compare may change from time to time. Not all products made available from iSelect’s providers are compared by iSelect and due to commercial arrangements, area or availability, not all products compared by iSelect will be available to all customers. Some products and special offers may only be available from iSelect’s call centre or website. Click here to view iSelect’s range of providers.
iSelect does not compare all energy providers or plans in the market. The availability of plans may change from time to time, depending on who iSelect’s providers are and what plans they make available to iSelect. Not all plans made available from iSelect providers may be compared by iSelect either due to commercial arrangements, area or availability, so not all plans or providers compared by iSelect will be available to all customers. Some plans and special offers are available only from iSelect’s contact centre or website. Energy plans are available only for properties located in eligible areas of Victoria, New South Wales, South East Queensland, South Australia and ACT. Click here to view iSelect’s range of providers.
[3]Source: iSelect commissioned i-Link Research to conduct an online survey between 29th April to 2nd May 2025. The sample is n=1,500 Australians. The data is weighted to represent the population by age, state and gender, and is representative of all Australian adults 18+.
By Sophie Ryan, iSelect comparison expert
