Been meaning to buy new specs, get a dental check up or treat yourself to a massage? Arrange it quickly — if you can.
As 2023 comes to an end, Australians are being reminded there’s limited time left to claim on private health insurance extras before the extras ‘reset’ in the new year.
And Aussies could be missing out on an average $1300 in health insurance benefits.
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Major providers such as Bupa, Medibank and HBF are all expected to reset their extras on January 1, which means thousands of dollars in auxiliary services — such as dental, physiotherapy and podiatry — could be wasted.
Those with health insurance are urged to look over their extras cover and see what extras they are actually using.
Consumers could be spending less on premiums and getting more money back by cutting services they don’t use, a Compare Club spokesperson told 7NEWS.com.au.
“Recent research from Compare Club showed that many extras policies don’t adjust with inflation as they are based on a dollar figure,” the representative said.
“If you haven’t reviewed your policy for a few years it’s likely that you could be on a policy that provides far less dollar value than another consumer at the same health insurer with a newer policy, and be losing out on value, as costs for dentistry, optical and physio continue to rise with the cost of living.”
How to get the best value from extras
Compare club says there are a few ways to get the most out of your insurance extras.
“Check when your health insurer resets their extra’s allocation — the majority do on January 1, however some reset on the financial year or from the year you take out the policy,” they said.
“Check what you have used and what you haven’t used on online, via the health insurers app or give them a call.”
They added most insurers have a personalised option so you can see exactly who has used what on the policy.
“Use this as an opportunity to organise a last minute pair of glasses, book a clean or check up at the dentist or even a remedial massage before the end of the year,” they said.
“Review your extras policy for the next year.
“If there are many categories offered in your extras policy that you don’t use, ask to have them removed or ask for more value in the areas where you or your family tend to use the most.”
