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The Health Insurance Extras Deadline Is Just 30 Days Away

As the end of the year approaches it's pretty easy to get caught up in the festivities and forget to do your checks and balances – but leaving your unused health insurance extras on the table is like giving your health fund your money for free.

How?

🗓️ Most health insurance companies reset their health insurance extras on January 1 or July 1 each year.

🦷 Annual limits tend to cover extras on things like: dental, optical, physiotherapy and podiatry.

💰 An Aussie family on an extras policy could be sitting on an unused pot of money that you've already paid for via your health insurance premium. 

Here’s one example: A family of four on the HCF Hospital Bronze Plus and Vital Extras has $4,430 worth of included extras on their policy – per person. For a family of four that's a total benefit of $17,720. 

So let’s say this year they deducted:

• Two pairs of glasses ($500)

• Some general dental ($400)

• Four physio appointments ($240)

👀 That leaves them with $16,580 of unused extras.

Five things you need to know:

If you don't use up your extras, you lose your benefits that don't automatically roll into next year - which is most of them.

1. Failing to use your extras could cost you thousands in unused services for your family.

2. Has everyone in your family had their full entitlement? Have you all visited your dentist, replaced your glasses, and had all of your chiropractic treatments for 2023?

3. There are still 30 or so days left to go. Call your broker or health cover provider and find out what extras you have left - and book in to get the value you've already paid for. 

4. Some health insurers allow you to claim in the following year for treatments that you had and paid for in this year, so keep your receipts.

5. There are a group of extras which don't tend to reset either, such as hearing aids and braces. Make sure you know the difference - or ask an expert for help.

How to make the most of your extras cover:

Do an audit of how many healthcare expenses you've had this year, and how much of your extras benefits you've used.

👶 As life changes, so does the type of cover we need, so if you have extras you don't use any more it could be a good time to change your policy.

💉 Be mindful that there are waiting periods for certain benefits - like dental - so make sure you're covered for what you need if you switch providers.

🚑 Did you know that hospital and extras cover can be provided by two different health insurers? It may suit your budget and needs to consider having both.

🧨 And if you find that you don't want to use the extras you have, it makes sense to switch now – and start 2023 with a fresh policy, full limits, and higher rebates on extras you do actually want. That's the way to maximise value from your health fund.

The bottom line:

You still have time to use your extras, but get a move on so you don't miss out.

If you've used all your benefits, then the good news is that they'll reset on January 1 for you to use again.

🛒 And, if you have extras that you're never going to use it's a really good time to shop around.

Read more:

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The information contained on this web page is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. You should check with a financial professional before making any decisions.