Australians are running the risk of leaving thousands of dollars on the table in the form of unclaimed private health insurance extras, which are set to expire at the start of the new year.
Most insurers reset their benefits on January 1, with new research from comparative site iSelect finding that 86 per cent of Australians do not use all their extras.
One in five had not used any extras, and 12 per cent were unsure if they’ve used them or not.
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Retirees were found to have had the highest rate of under-use, with 91 per cent saying they were either unsure or they had not used any or all of their extras.
The data was drawn from a commissioned survey of 1003 Australians.
“Most — but not all — private health insurers reset their extras limits on January 1 each year and many Aussie families could potentially be missing out on hundreds or thousands of dollars a year in unused extras benefits,” iSelect general manager of Health Insurance Andres Gutierrez said.
“With some of our most popular extras policies including around $1750 in extras benefits, it’s likely many policyholders could have a thousand dollars or more in unused extras benefits that they are set to lose come December 31.
“Of course, some extras policies have much higher limits, with these policyholders potentially having several thousands of dollars or more in unused extras benefits.
“With the New Year fast approaching, now is the time to make sure you’ve gotten maximum value out of your extras policy over the past 12 months.
“Check your claims history to see what you’ve already claimed, and how much you still have available.
“With most funds, you can check your claims history easily, either through an app or via an online portal. Otherwise, give your fund a call and they’ll be able to provide you with a 2024 claims history.
“If you still have benefits available, make the most of them.”
Compare the Market’s Chris Ford said millions of Australians could be throwing away their hard-earned money.
“For some health insurers — including AIA, Australian Unity, Bupa, Frank, GMHBA, HCF, HIF, NIB, Qantas, see-u, Union Health and Westfund — the reset occurs at the end of each calendar year,” Ford said.
“If you hold an extras policy or combined extras and hospital health insurance policy with one of these insurers, now’s the time to book in that dental clean, secure your physiotherapy appointment or lock in your final appointments to squeeze as much from your extras policy as you can.”
Compare the Market said that, among others, services including general dental, major dental, orthodontic, optical and physiotherapy could be claimed.
“The last thing we want to see is people leave things to the last minute and miss out on claiming anything they’re entitled to,” Ford said.
“Some health professionals do close their practices over the holiday period or work to different hours. You may also find it harder to book an appointment with an influx of people trying to get in before Christmas.”