Health insurance takes a large chunk of the monthly budget of Australians. However, throughout the years, Aussies are tired of paying for their plans because on average, the benefits do not justify or break even for the premiums we have all been paying.
This is where ExtrasJar comes in. We aim to regain your trust in health insurance and extras cover by implementing a radical approach. But how are we different from the old fashioned insurers out there?
ExtrasJar flips the traditional insurance model on its head. We treat the premiums you pay as your money, not ours. That means no out-of-pocket surprises, no expensive premiums, and unknown limits. Instead, we will give you all the bits you love about insurance, with none of the bits you dislike.
Let us dive deeper into our different approaches to health and pet insurance and extras cover, allowing us to give revolutionary and genuine protection.
ExtrasJar’s innovative products and benefits
Our mission is to empower our fellow Australians to make their insurance work for them and get a better bang for their buck. We believe that the best possible way to do this is to blend the best in banking, investment, and insurance to deliver innovative products that can cut down the cost of everyday living and unlock financial freedom for people from all walks of life.
The ExtrasJar process is already different from the get-go. You will start by choosing a plan from our pre-designed plans for ExtrasJar Health Extras Account, ExtrasJar Pet Extras Account, or both (if you want cover for both). Don’t think that these plans are not suitable for your lifestyle, budget, and needs? Say no more because you have the liberty to customise your plan instead!
We give you an option to create your own plan because ExtrasJar says goodbye to the usual restrictive plans that do not really apply to you, your family, or your pet, whomever the cover is for. The extras plans of the health insurers currently impose a bunch of limits on you and make you pay for treatments that are not applicable to your profile, which shouldn’t be the case.
With ExtrasJar, you are now part of the revolution, and we are leaving all the things you do not like about insurance Behind.
As cliche as it may sound, every cent and every dollar counts. That is why you can maximise your hard-earned savings in ExtrasJar. If you need to spend your money all on dental, you can! It is your money, after all, and we give you complete control over how you want to use it.
You do not need to worry anymore about how you can splurge on treatments at the end of the year because your funds in ExtrasJar don’t expire. Yes, you heard that right! No more forcing yourself to avail the treatments you don’t necessarily need so you won’t lose your benefits.
If you don’t claim your extras, it will roll over to the following year and stay invested in the ExtrasJar Managed Investment Scheme. Not only will you be able to keep your funds, but we will help you save further as it has the potential to grow for your future.
ExtrasJar also allows you to access your funds at the point of sale, contrary to what we are accustomed to. Say goodbye to waiting periods! Your intent in getting extras coverage is to save for your treatments, so it is just right you can use your money anytime you need to make an appointment – even if it’s a day after you funds have cleared and you’ve been issued units.
We are currently working on expanding the services we offer with our new product being the ExtrasJar Private Hospital Insurance. The coverage will be similar to other hospital insurance plans, but what’s unique about this is the self-insurance deposit that you will pay upfront.
Think of this as a bond you pay your landlord. If nothing breaks, you get your money back. This deposit can potentially lower your premiums substantially. If unused, it will roll over year after year, and the potential to keep the cost of your premium low.
Now, allow us to guide you and give an eye-opener on the problems or challenges of current insurance plans that do not serve the purpose of getting one.
The big issues of current products
ExtrasJar was born to address current issues regarding health insurance and extras coverage. We call them the “the biggest issues of the current products”, which, unfortunately, a lot of Australians are still oblivious to.
Below are just some of them:
Restrictive plans – these plans often trick you into looking like there are a lot of inclusions, which is technically correct. Not until you evaluate the treatments listed will you realise that the majority of those treatments are not really applicable to you.
If the treatments are not aligned with your profile, you may hardly claim anything or not claim at all. Basically, you are paying for a plan with treatments that you are unlikely to use and need. So, think about it, you might be wasting your hard-earned savings.
Out-of-pocket expenses or Gap – restrictive plans come with several limitations that may result in surprise out-of-pocket expenses, commonly known as gap payments. You will usually see in a specific plan that generally only 40% to 60% of the treatment cost is covered, which means that you will shoulder the remaining percentage cost (the gap payment).
Just imagine you have paid so much in premium to save up for treatments, and yet, you still have to take out your own funds for the remaining cost not covered by your insurer. It’s not fair!
On top of this, you are constricted to a certain amount of annual limits per treatment. For example, you have a $200 limit for dental and another $200 limit for physio. If you reach your limit for dental and your $200 for physio is still intact, you may not be able to offset the remaining amount for the other treatment. So, if you need another dental appointment, you may have to pay for that in full.
Waiting Periods – after availing of a plan, you will often have to serve waiting periods, usually two months as the shortest, and can last up to 12 months the longest before you are allowed to use your extras coverage for a specific treatment.
Imagine how you paid your premiums now only to access treatments after a year! What if you encounter a sudden mishap and need to get that dental appointment or physiotherapy immediately? Then you have to dip into your savings again.
You decided to get an insurance plan so that you are ready when unexpected things happen and to save up for treatments not covered by Medicare. However, these waiting periods only defeat the purpose of why you got a plan in the first place.
Once you have seen the bigger picture, it is really heartbreaking that Australians are just not getting any value for their money anymore when it comes to insurance and extras cover. That’s why you cannot blame Aussies for losing their trust in these products.
The good news, however, is that the ExtrasJar revolution is here. We throw away the hurdles for our fellow Aussies to be able to save as they will gain access to a holistic network of healthcare providers.
We believe that this is not just what Aussies need, but more importantly, this is what Aussies deserve.
Join us now and get a first-hand experience of our healthcare revolution. Click the link below to get a quote.