As the New Year approaches, millions of Australians could be leaving significant savings behind by not claiming their unused private health insurance extras. With most insurers resetting benefits on January 1, there’s only a short window to take full advantage of these extras, which could amount to $1750 or more in value.
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Why You Could Be Missing Out
New research by iSelect has revealed that 86% of Australians are not fully utilizing their extras, with one in five not using any extras at all. Shockingly, 12% are unsure if they’ve used their benefits, and retirees are the most underutilized group, with 91% either unsure or not claiming their entitlements.
Andres Gutierrez, iSelect’s general manager of Health Insurance, warns that many policyholders may lose hundreds to thousands of dollars in unclaimed benefits come December 31.
“With extras limits resetting for most insurers on January 1, policyholders should act now to maximize their benefits,” Gutierrez advised.
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What Can You Claim?
Depending on your health insurance provider and policy, you could use your extras benefits for services like:
- General dental
- Major dental
- Orthodontic treatments
- Optical services
- Physiotherapy
Some policies even offer higher limits, meaning there could be several thousand dollars in unused benefits available to you.
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How to Maximize Your Extras Before the Deadline
- Check Your Claims History
Use your insurer’s app, online portal, or contact them directly to review what you’ve already claimed and what’s still available for the year. - Book Appointments Now
Popular services like dental and physiotherapy may face high demand in December, and some clinics close or reduce hours over the holiday period. - Know Your Insurer’s Policy
Insurers such as AIA, Australian Unity, Bupa, Frank, GMHBA, HCF, HIF, NIB, Qantas, see-u, Union Health, and Westfund reset extras limits at the end of each calendar year, so it’s crucial to act quickly.
Don’t Leave Money on the Table
Chris Ford from Compare the Market emphasized the urgency of making use of available benefits. “Millions of Australians could be throwing away their hard-earned money by not claiming their extras. Don’t wait until the last minute and risk missing out!”
If you have dental, optical, physiotherapy, or other appointments to book, act now to avoid the holiday rush and make the most of your policy.
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Countdown to Reset
With just days left in the year, now is the time to take action. Review your policy, check your claims history, and schedule those final appointments. Don’t let your unused extras go to waste—maximize your health insurance benefits today!
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