As the calendar flips to a new year, Australians holding health insurance extras cover have a limited window to make the most of their benefits before they reset on January 1. This impending reset, anticipated across major health insurance providers including the likes of Medibank Private, Bupa, HCF, and several others, signals a crucial period for policyholders to utilize their remaining healthcare funds.
The resetting of extras cover often leads to the expiration of unclaimed benefits, potentially resulting in the loss of significant amounts of money. With the average unspent figure per individual hovering around $1300, the impending reset becomes a pressing concern for those who haven’t exhausted their coverage for services ranging from dental check-ups to physiotherapy sessions.
How to make the most of your extras
The best way to make the most of your extras insurance is to schedule any pending appointments or treatments before the reset on January 1. This proactive approach ensures that you maximize the benefits you’ve already paid for, safeguarding against losing out on substantial financial value.
The urgency is further compounded by the recent industry-wide premium hikes, which make it imperative for policyholders to maximize the benefits they’ve already paid for. Taking swift action to book in any pending appointments or treatments before the reset date can safeguard against losing out on substantial financial value.
Consider savvy alternatives
For those who find themselves with unused benefits, considering alternative options like health savings accounts offered by companies such as ExtrasJar presents a viable solution. These health savings accounts offer flexibility and financial control, allowing individuals to allocate funds towards healthcare expenses in a way that aligns with their needs. One notable advantage is the ability to pair these accounts with hospital cover, enabling a more comprehensive approach to managing healthcare costs and ensuring comprehensive coverage for both out-of-hospital and in-hospital services.
This transition period also serves as an opportune moment for Australians to reassess their current health insurance coverage. Evaluating whether their policy still meets their evolving healthcare needs can be pivotal in making informed decisions. Downsizing to a lower level of cover that still encompasses essential services or exploring different plans to better align with individual requirements might offer cost-saving benefits without compromising necessary healthcare provisions.
Ultimately, as the countdown to the new year begins, Australians are urged to act swiftly to maximize their existing health insurance extras cover by booking in any pending appointments or treatments before January 1. Scheduling these visits ensures that hard-earned healthcare dollars aren’t left on the table. It’s about making informed choices that best suit individual healthcare needs and financial circumstances for a healthier and more secure future.
The information in this article is general in nature as it has been prepared without taking account of your objectives, financial situation or needs. You should consider the relevant Product Disclosure Statement (PDS) & Target Market Determination, and obtain appropriate financial and taxation advice, before making a decision about whether ExtrasJar’s products are right for you.