With January 1st looming, Australian health insurance policyholders are being urged to check their extras benefits and utilize them before they reset, potentially leaving thousands of dollars unclaimed. Major providers like Bupa, Medibank, HCF, HBF, HIF, NIB, and Qantas will all refresh their extras benefits on New Year’s Day, meaning any unused portions for services like dental, optical, physiotherapy, and chiropractic will expire.
Research suggests millions of Australians could be missing out on an average of $1,300 in unused health insurance benefits. To avoid this, experts like Lana Hambilton, head of health insurance at Compare the Market, encourage Aussies to check their policies and maximize their coverage before the clock strikes midnight.
“Australians already faced premium increases this year, averaging 2.9%. The last thing we want is for people to pay for extras they’re not using,” said Hambilton. “If you’ve been putting off dentist appointments, neglecting your eyes, or postponing physiotherapy, now’s the time to get proactive and make the most of your policy.”
Checking your unused extras is typically easy, either online, through your insurer’s app, or with a quick phone call. Annual limits for common extras generally range from $300 to $350 for chiropractic, physiotherapy, and dental, and $200 to $250 for optical, though specifics vary depending on the provider and policy.
“The amount you can claim depends on the treatment and your specific plan’s limits,” explained Hambilton. “Your insurer might cover a percentage of the cost or offer a fixed dollar amount, with annual caps applying.”
For those underutilizing their extras, Hambilton suggests considering a downgrade to a less expensive plan with a lower extras tier. “It’s often better to switch plans than scrap your coverage altogether,” she advises. “Remember to check waiting periods, if annual limits apply across the entire policy or per person, and any other restrictions specific to your plan.”
So, before the year ends, take a moment to audit your health insurance extras. With a little initiative, you can make the most of your coverage and avoid letting valuable benefits slip away as 2023 draws to a close.