How Aussies can use the end of financial year to get a better deal on their extras

Got extras cover as part of your health insurance?

It’s worth reviewing your policy before your annual extras limits reset, as many Australians are on the wrong policy and can either cut their costs or get better value for money when they claim at the dentist or physio.

Five well-known health funds, including ahm and Defence Health, reset their extras on 1 July, making it the perfect time to see if you can save money or get a fund that could give you 80% or more back on your most commonly-used extras.

If you have a health insurance policy with PeopleCare, Defence Health, Navy Health and OneMediFund, your extras will be reset on 1 July 2022.

What does this mean? Well, if you went over your annual limits or didn’t even come close to them then, then you could be on the wrong policy.

Anybody who didn’t hit their annual limit might consider downgrading to a cheaper policy to save money on the monthly premiums. Photo: Getty

Members who exceeded their extras limits before the 2021 reset date might want to consider a higher level of cover that helps cut their out-of-pocket expenses and gives them more back at the dentist or physio.

But anybody who didn’t hit their annual limit might consider downgrading to a cheaper policy to save money on the monthly premiums.

Finding good value is also about how much your health fund pays back in benefits.

For example, if you spend around $250 per year on glasses, but your health fund only covers $150 per year, you’re leaving $100 on the table.

How do I save on health insurance?

Getting a good deal on your health insurance isn’t hard. And Health Insurance Comparison makes it even easier.

You can compare a range of extras packages in a matter of minutes and our specialists know all the tricks of the trade, so we’ll always try to squeeze that last little bit of value out of your policy.

Over the last 5 years, we’ve saved our customers an average of $320* off their annual health insurance cost when they switched policies through us.

So if your health fund is one of the five who resets their extras at the end of the financial year, take a few minutes to see how they stack up against the insurers on our panel.

You could be hundreds of dollars better off.

*Based on 111,658 policies sold Jan 2017 – Nov 2021

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