Finder’s numbers show that 1 in 7 Australian adults are planning to let their health insurance expire this year. However, in contrast, most recent figures released by APRA revealed that people are hesitant to drop their private health cover.
This uncertainty is pretty much understandable. There is one side of you feeling like an extras plan isn’t worth it anymore, given the cost implications. But, there is also the other side where you want to retain it because of its significant help for treatments not covered by Medicare.
Today, in terms of costs, the benefits you get in extras lag behind your premiums. Let’s zoom into the numbers.
In the year to June 2022, Australians paid a whopping $12.17 billion in fees (premiums and out-of-pocket expenses). However, only $5.42 billion were paid back to the customers in benefits for extras. See the $6.75 billion difference between what’s paid for and claimed back?
So technically, for every dollar an average Australian spends, he only gets less than 45 cents back. And that is what we at ExtrasJar think is unfair.
“I don’t think extras insurance gives customers value for money. Major funds have set up benefits like gift vouchers, which they hope you’ll forget to use in time. And even when you do use your ‘voucher’, you still lose out financially,” ExtrasJar co-founder John Connor said.
According to Finder’s stats, in addition to cost implications, 27% of people find managing health insurance their second most stressful expense.
“Because of the way these products have been set up, they also put undue pressure on the healthcare system. Especially towards the end of the year and during the holiday season, as people scramble to use their extras,” Connor added.
Due to the piling up of frustrations towards health extras, we decided to shake up the industry and effect change. Why? Simple, this is what we all need and deserve.
Finder names ExtrasJar one of the best bets about a worthy health extras plan.
✔️ Your account funds roll over each year instead of your benefits
✔️ You can spend your extras the way you want
✔️ Access your funds at the point of sale
✔️ Gain the potential to expand your savings further!
We are elated with Finder’s continuous support and trust in what ExtrasJar stands for and what we can offer. This feature allows us to promulgate our advocacy about giving Aussies more value for their money concerning health extras and have revolutionary peace of mind over their health and pockets. Read the full article here.
Photo by Paul Hanaoka on Unsplash
