It’s important to note that the MoneySMARTS system asks you to enter an estimate of your household income and expenses to allow you to allocate your funds under the rules-based system to your various jars, such as Living & Lifestyle, Direct Payments etc. As such, the benefits you receive as part of your health insurance should not be treated as income, but rather net off for your total medical expenses.
As an example, let’s say you have the following:
- $100per month in health insurance including extras
- The normal physio bill is $80 per visit, which you do fortnightly.
- You get a refund of $20 per visit as part of your extra benefits.
Your details under expenses would be listed as follows:
- Health Insurance = $100p/month
- Physio = $60p/fortnight
As a side note, we’re working on major improvements to our infrastructure whereby we’ll very soon have the functionality for you to track each and every transaction, should you want to get to this granular level of detail, for the purposes of comparing your actuals vs your moneySMARTs budgeted amounts.