How the wrong extras coverage could be costing you

Font Size:

Most health insurers reset their extras limits on 1 January. That makes December the perfect time to review your health insurance policy and see if there’s a better deal for you.

And if you’re always paying out-of-pocket expenses at the dentist or physio, or hit your limits halfway through the year, you’re probably on the wrong policy – and paying for it.

More of us hold extras cover than hospital cover, which makes sense when you think about how regularly we visit the dentist, optician or physio.

But very few Aussies take the time to work out if they can get a better deal.

How can I get a good deal on my extras?
Let’s say you buy a pair of $200 prescription glasses every year. Health fund ‘A’ covers your annual optical expenses, up to $150. Health fund ‘B’, on the other hand, offers a yearly limit up to $200.

That means health fund ‘B’ will cover the entire cost of your glasses, while under health fund ‘A’ you’ll need to fork out $50 to cover the cost.

Now imagine repeating that across dental, physio and other treatments. You can quickly end up paying out hundreds of dollars unnecessarily.

Getting value for money shouldn’t be this confusing, which is why the team at Health Insurance Comparison makes it easy to quickly find the extras packages that give you more back at the best price.

How do you know if you have the right level of extras cover?
If you get to the end of the year without hitting your extras limits, you might want to drop your level of coverage to save on your monthly premiums.

But if you exceed your annual limits before the end of the year, then it’s worth comparing policies to see if you could save money on your out-of-pocket expenses.

It’s a delicate balance, but it pays big to get it right.

Most health funds reset their annual extras limits on 1 January, so it’s a perfect time to compare insurers to find a better extras plan. Get started today.

Disclaimer: This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.

Join YourLifeChoices today
and get this free eBook!

Join
By joining YourLifeChoices you consent that you have read and agree to our Terms & Conditions and Privacy Policy

Written by Sponsored Content

1 Comments

Total Comments: 1

FACEBOOK COMMENTS



SPONSORED LINKS

continue reading

COVID-19

Vaccine overdose cases raise questions over doctor training

Australia's vaccine rollout suffered a major hiccup, with health minister Greg Hunt revealing on Wednesday that two elderly residents at...

Retirement Income

Why middle-income Australians are the big losers in retirement

Australia's middle-income earners are losing out when it comes to retirement income. That's the view of Mercer's senior partner, David...

Food

Nine food and heart health myths busted

Should you cook with butter or olive oil? Is that drink of red wine protecting your heart? Pink Himalayan salt is healthy, right? There...

Lifestyle

What to do if your diesel car runs out of fuel

Surely, we've all had those niggling thoughts when driving about - whether what we are doing is shortening the lifespan...

Living in retirement

How to embrace early retirement

Not having to get up early for work or take orders from a boss you don't really like, while still...

Stylewatch

Essential skincare knowledge for men

It's a sweeping stereotype, but lots of men have a fairly basic - or entirely non-existent - skincare routine. Compare...

Superannuation News

ATO on the lookout for suspicious superannuation activity

The Australian Taxation Office (ATO) has made it clear that it will continue to crack down on people who attempt...

Lifestyle

Billy Connolly: I don't want to be on stage with Parkinson's

There's a river that flows right behind Sir Billy Connolly's Florida home, and he likes to fish in his slippers....

LOADING MORE ARTICLE...