Yahoo Finance 4 days left for millions of Aussies to claim $1,300
Bupa, Medibank, HCF and other health insurance customers are being urged to use their extras before January 1, 2024.
Aussies are being urged to claim their health insurance benefits before the new year, or risk letting thousands of dollars go to waste.
Most major health insurers including Bupa, Medibank, HCF, HBF, HIF, NIB and Qantas will reset their extras benefits on January 1, 2024. That means if you haven’t claimed the total amount you are entitled to for extras - which include things like dental, optical physiotherapy and chiropractic - you will lose this amount.
According to research, millions of Aussies could be missing out on a whopping $1,300, on average, in health insurance benefits.
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Compare the Market head of health insurance Lana Hambilton urged Aussies to check their policies and make sure they weren’t “throwing money down the drain”.
“We know that the industry-wide increase to premiums was 2.9 per cent, on average, this year and the last thing we want to see is people paying for cover they’re not using,” Hambilton said.
“So, if you’ve been delaying that visit to the dentist, you’re overdue for your optical appointment or you’ve pushed back a visit with a physiotherapist, time may be running out to maximise your policy’s benefits this year.”
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How much can I claim?
You can usually check what extras you have used and what you haven’t used online, via your health insurer’s app or by giving them a call.
Funds typically have annual extras limits of between $300 and $350 for chiropractic, physiotherapy and dental, according to Compare the Market, and limits of between $200 and $250 for optical. But this will vary depending on your fund and policy.
“The amount you’re entitled to varies based on the treatment or service you’re receiving and the maximum limit your health fund provides,” Hambilton explained.
“Your health insurer may cover a percentage of the cost associated with the treatment or a fixed dollar value and may be subject to an annual dollar limit per policy.”
Don’t forget to check your cover
If you haven’t claimed as much or for as wide a range of services as you thought you would, Hambilton said you might want to consider moving onto a lower, cheaper level of cover.
Hambilton recommended people switch, rather than ditch, their policy and cut back on extras they didn’t need. Other tips include checking the waiting periods that apply, whether annual limits apply across the policy or per person, and understanding any other limits that apply.
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