Australians across the country could be missing out on over $1000 in rebates. Here’s who is eligible.
Australians across the country are being warned they could be missing out on an additional $1300 in health insurance claims.
As 2022 comes to a close, Australians have less than a fortnight to claim health insurance extras before they reset on January 1.
New research by personal-finance marketplace Compare Club revealed more than $1000 worth of health insurance extras go to waste each year.
Major health insurance providers such as Bupa, Medibank, and HBF are all expected to reset their extras in January, meaning thousands of dollars in extras including dental, physiotherapy and podiatry could be wasted.
Compare Club Senior Health Insurance Advisor Eli Boroda said a “classic example” of an extra that many Australians do not take full advantage of is dental rebates.
“Most Aussie health insurance holders have access to $1050 of dental rebates but on average only claim $238, meaning they’ve missed out on $812 worth of treatments or check-ups,” he said.
The more people that are on the one policy, however, the more the potential loss of value can grow, Compare Club explained.
How to make the most of your extras
There are a few ways in which Australians can make the most of their insurance extras according to Compare Club.
One way is keeping receipts for all your treatments.
By doing this most health insurers will allow you to claim extras in the following year for treatments you had and paid for in the year prior.
Another way is checking what extras you have remaining and booking in as much as you can before the end of the year.
If you aren’t completely satisfied with your extras, Boroda recommends shopping around for a policy that better suits you.
“If you don’t like your extras, shop around and look at switching to a policy that’s a lot closer to what you’ll actually use,” he said.
“There’s no point in paying hundreds of dollars for big annual extras limits if you never use them up.
”Boroda also warned another health fund price hike could be looming next year, so it’s “important to wring every last cent of value out of your policy”.