Variation of amount of essential medical equipment payment
198E Variation of amount of essential medical equipment payment
This section applies to the dollar amount mentioned in section 63G (essential medical equipment payment).
That dollar amount, for an indexation day on which the indexation factor is greater than 1, is replaced by the amount that is worked out using the following formula:
Start formula Dollar amount on the day before the indexation day times Indexation factor for the indexation day end formula
The indexation factor for an indexation day is the number worked out using the following formula:
Start formula start fraction Indexation number for the most recent December quarter before the indexation day over Highest index number for an earlier December quarter (but not before December 2011) end fraction end formula
The indexation factor is to be calculated to 3 decimal places, but increased by 0.001 if the fourth decimal place is more than 4.
If an amount worked out under subsection (2) is not a multiple of a dollar, the amount is to be rounded to the nearest multiple of a dollar (rounding up in the case of 50 cents).
In this section:
indexation day means 1 July 2013 and each later 1 July.
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