Australians Might Miss More Than $1000 In Rebates This Holiday

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Only 5 days left, and many eligible Australians need to take advantage of this opportunity.

As the year is about to end, health insurance claims are also about to reset. Australians only have less than two weeks to process their claims. Companies like Bupa, HBF and Medibank have already planned to reset their extras.

Record from Compare Club, a personal finance market place shows that $1000 worth of health insurance goes for nothing.

Eli Boroda, senior health insurance advisor for Compare Club, cited dental rebates as a typical benefit many Australians still need to fully utilise.

“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,” Borada stated.

Australians find having health insurance very important. As of June 2022, 11.67 million Australians, or 45.2% of the population, have private hospital coverage, according to APRA statistics. 14.26 million Australians, or 55.2%, have personal extras coverage.

However, the potential loss of value might increase as more people are covered by a single policy, according to Compare Club.

There are financial experts like Compare Club telling Aussies some ways to make the most of their coverage. The first step is to keep all the medical treatments and receipts you have incurred the year prior.

If you’re not entirely happy with your extras, Boroda advises looking for a policy that would fit you better.

“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”.

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