Document ID: chunk:federal_register_of_legislation:C2025C00097:section:3:p2
Version: federal_register_of_legislation:C2025C00097
Segment Type: section
Provision Reference: s 3 (pt 2/18)
Character Range: 37825–40561

is $105,000 and the indexation factor increases this to an indexed amount of $107,500, the indexed amount is rounded back down to $107,000.
Example 2: If the amount to be indexed is $140,000 and the indexation factor increases this to an indexed amount of $142,500, the indexed amount is rounded down to $142,000.
 (3) However, do not index the amount for a financial year if the amount worked out under subsection (2) for the financial year is less than the amount applicable under section 22‑35 or this section for the previous financial year.
 (3A) If the amount is not indexed for a financial year because of subsection (3), the amount for the financial year is the same as the amount for the previous financial year.
 (4) For the purposes of this section, the indexation factor for a financial year is:
 (6) Work out the *indexation factor to 3 decimal places (rounding up if the fourth decimal place is 5 or more).

Index number
 (7) For calculating the amounts, the index number for a *quarter is the estimate of full‑time adult average weekly ordinary time earnings for the middle month of the quarter first published by the Australian Statistician in respect of that month.

Division 23—Premiums reduction scheme

Subdivision 23‑A—Amount of reduction

23‑1  Reduction in premiums
 (1) The amount of premiums payable under a *complying health insurance policy in respect of a period is reduced in accordance with this section if a person is a *participant in the *premiums reduction scheme in respect of the policy.
 (2) The amount of the reduction for each premium is the *PHII benefit in respect of the premium.

Subdivision 23‑B—Participation in the premiums reduction scheme

23‑15  Registration as a participant in the premiums reduction scheme
 (1) A person may apply to a private health insurer, in the *approved form, to become a *participant in the *premiums reduction scheme in respect of a *complying health insurance policy issued by the insurer if:
 (a) the insurer is a *participating insurer; and
 (b) the person is a *PHIIB in respect of a premium paid or payable under the policy; and
 (c) the person meets any requirements specified in the Private Health Insurance (Incentives) Rules for the purposes of this paragraph.
 (2) A private health insurer that receives an application under subsection (1) must notify the Chief Executive Medicare of the application, in the *approved form, no more than 14 days (or any other period determined by the Chief Executive Medicare) after receiving the application.
 (3) If notified of an application and satisfied that paragraphs (1)(a), (b) and (c) apply, the Chief Executive Medicare must register the applicant as a *participant in respect of the policy.
 (4) The Chief