As we approach the new year, millions of Australians are unknowingly letting valuable health insurance benefits slip away. The clock’s ticking, and if you don’t act fast, you could be walking away from up to $1,850 worth of extras – and it’s not coming back. Here’s why it’s crunch time for your health plan and what you can do to make sure you don’t lose out.
The Annual Reset: Why You Should Care
For most Aussies, health insurance is a part of life, but many don’t realize how much they stand to lose if they don’t use their benefits before the end of the year. According to Money.com.au, many insurers reset their annual limits for extras on January 1. That means all the claims you haven’t made—whether it’s for dental check-ups, physiotherapy, or optical services—disappear overnight.
Yes, gone. And that’s money down the drain, especially if you’re one of the many who haven’t been keeping track of their policy limits.
Surprising Statistics: Are You One of the Unaware?
Did you know that nearly two in five Australians don’t even know if they have any unused extras left? With around 15 million Australians holding extras or combined hospital and extras policies, that’s a lot of potential benefits left on the table. You might think you’ll get around to it later, but the reality is that many appointment books are already filling up as we approach December 31.
Chris Whitelaw, general manager of health insurance at Money.com.au, says it’s all too common for Aussies to underestimate how much they lose by not using their extras. “Depending on your policy, these limits can range from $200 to $1,800 for treatments like general dental,” Whitelaw explains to Yahoo Finance.
The “Use It or Lose It” Reality
It’s easy to forget about these benefits until it’s too late. But this isn’t something that resets at your birthday or some random date—it’s tied to the calendar year. Insurers like Bupa, Medibank, and HCF are all part of the wave that resets benefits as soon as the new year rolls in. So, unless you want to lose out, it’s crucial to check now what you’ve used and what you still have left.
You’ve probably been meaning to book that long-overdue dentist appointment, but life gets in the way. Well, now’s the time to get it done. Whether it’s getting a dental clean, seeing the optometrist, or squeezing in a last-minute physio session, there’s no time to waste. A small effort now could save you hundreds or even thousands of dollars in the long run.
Health Insurance Extras: Don’t Let Them Go to Waste
And if you’re someone who hasn’t used any of your extras yet this year, you really need to act quickly. Of course, it’s not the most fun thing to think about at the end of the year, but it’s a classic “use it or lose it” scenario. When January 1 hits, all those unused benefits vanish. No rollover, no second chances.
Some people might be thinking, “Well, I didn’t need those services anyway,” but consider this: health expenses tend to pop up when you least expect them. If you’re sitting on a pile of unused extras, you’re essentially wasting money you’ve already paid for.
