Millions of Australians could lose thousands of dollars in health insurance benefits by the end of the year if they don’t act fast.
According to a study by Money.com.au, the extras benefit limits of many health funds reset on New Year’s Day, meaning any unclaimed extras—such as dental, optical, physiotherapy, and other allied health services—will be wiped out.
About 15 million Australians with health insurance have these extras, yet a recent survey revealed that up to 40 per cent didn’t even realise they had unclaimed benefits that could disappear by December 31. Around 31 per cent of Australians still have unused extras, while 15 per cent admitted they have used none or very little.
Chris Whitelaw from Money.com.au warned: “Australians are effectively walking away from thousands of dollars in value every year. Many people don’t realise those benefits vanish overnight on December 31. It’s a classic ‘use it or lose it’ scenario.”
The survey also found that older Australians are more likely to be uncertain about whether they have unclaimed extras, while younger Australians, including Millennials, are the most likely to leave their benefits entirely unused—around 19 per cent reported using none or very little of their extras this year.
Experts advise checking your health insurance plan now and booking any eligible services before the end of the year to avoid losing significant savings.
