Aussies with private health insurance are being reminded that they have only a few days left to use their benefits before they reset. More than 80% of insurers will renew extras cover on January 1, operating on a “use it or lose it” basis.
With just six business days remaining, it’s time to schedule those trips to the optometrist, dentist, or physio. Canstar’s data insights director Sally Tindall emphasized that utilizing these benefits now is a smart way to save on healthcare costs in 2025.
“By acting now, you can make the most of your extras before your annual limit is reset if your cover is with a provider that renews their extras limits on 1 January,” she said.
Major Insurers and Reset Dates
The annual reset date of January 1 is standard for some of the largest insurers, including AAMI, Medibank, Australian Seniors, nib Health Funds, Bupa, Qantas Insurance, and Suncorp Insurance.
Recent Findings and Recommendations
The latest APRA quarterly health insurance investigation revealed that the average Australian received $475 back in benefits over the past 12 months through September 2024, a 3.5% increase from the previous year. Dental benefits accounted for the largest portion, with $262 paid per insured individual.
However, health insurance comparison site iSelect recently found that 86% of Aussies hadn’t used all their extras before the deadline. Additionally, one in five hadn’t used any extras all year, and 12% were unsure if they had.
“Many Aussie families could potentially be missing out on hundreds or thousands of dollars a year in unused extras benefits,” said Andres Gutierrez, iSelect general manager.
Making the Most of Your Benefits
If your provider resets benefits on January 1, be sure to schedule necessary appointments before then. While it’s important to use your benefits, Tindall cautions against booking appointments just for the sake of it, noting that the average out-of-pocket cost was $60 over the past 12 months.
Steps to Take:
- Check with your health insurance provider to confirm if your extras reset on January 1.
- Schedule necessary appointments, such as visits to the dentist or optometrist.
- Utilize your benefits wisely and avoid unnecessary expenses.
By following these steps, you can ensure that you maximize the value of your private health insurance and avoid wasting any available benefits. Don’t let the opportunity pass; make the most of your extras before the end of the year.
