You Could Lose Hundreds in Health Benefits Next Week

If your policy resets on July 1st, this is your urgent reminder: "use it or lose it" is more than just a saying, it's a financial reality.

With just days to go until the end of the financial year, many Australians are on the verge of losing hundreds, if not thousands, of dollars in unused health insurance extras benefits. Unlike your hospital cover, extras benefits – for things like dental, optical, physio, and chiro – typically don't roll over. Once July 1st hits, your annual limits refresh, and any unclaimed benefits from the past year are gone forever.

"It's a common trap many Australians fall into," says Nicole T, a Finder crew member who's become proactive after missing out on her extras in previous years. "I've found that my go-to health providers are always busiest in the two months leading up to the time that extras benefits reset. So, to make sure I don't miss out, I plan ahead and book my appointments outside of these busy periods, particularly for my optom and dental visits."

How Do Extras Limits Work?

Most health insurance extras policies come with annual limits – a maximum amount your fund will pay out for specific services within a set period. For many, this period aligns with the calendar year (January 1st to December 31st). However, a significant number of funds, particularly those listed below, reset their benefits on the financial year, meaning June 30th is the cut-off for the 2024/2025 financial year.

Which Health Funds Reset on July 1st?

If you're with one of these health funds, time is of the essence!

A Special Note for ahm Members: Rollover Relief!

Good news for ahm members! For the fourth year in a row, ahm is offering an extras annual limits rollover. If you hold an ahm extras product on June 30th, 2025, most of your unclaimed 2024/2025 financial year extras annual limits will roll over for you to use in the upcoming financial year (until June 30th, 2026).

Important points for ahm members:

• You must hold an ahm extras product on June 30th, 2025.
• The rollover applies to most unclaimed limits from the 2024/2025 financial year.
• This excludes optical and orthodontics where they have separate annual limits, and some other specific limit types.
• Any unused limits that were previously rolled over from the 2023/2024 financial year into 2024/2025 will not be rolled over again.
• You'll be able to use these rolled-over limits after you've used up your new annual limits for the 2025/2026 financial year.

While ahm is offering this fantastic flexibility, it's still a smart move to utilise your benefits this financial year where possible to maximise your cover.

Last-Minute Claims: What Can You Do Before Tuesday?

Even if you're reading this at the eleventh hour, there might still be time to squeeze some value out of your expiring benefits.

• Dental Check-up or Clean: Many dentists offer quick appointments for routine check-ups and cleans. Call your local dentist today to see if they have any last-minute openings before Tuesday.
• New Glasses or Contact Lenses: If you have an up-to-date prescription, ordering a new pair of glasses or stocking up on contact lenses can be a quick way to use your optical benefits. A trip to your optometrist can be done on your lunch break on Monday, so that you can order and claim for a new pair of specs before July 1st.
• Physio, Chiro, or Osteo Appointment: Got a lingering ache or pain? See if your physio, chiropractor, or osteopath has an opening for a consultation before the end of the month.
• Remedial Massage: Many extras policies cover remedial massage, which are typically easy to book last minute. A relaxing and therapeutic session could be just what you need, and you might be able to claim a portion back.
• "Healthy Lifestyle" Benefits: Some health funds, like ahm, offer benefits for "healthy lifestyle" items, which can sometimes include things like Cancer Council sunscreen products. Check your policy to see if you have any similar benefits you can claim quickly.

Don't Let Your Benefits Go to Waste!

"No one wants to pay more in premiums than they actually get back in services," says Nicole. With private health insurance being a significant investment, making the most of your extras is crucial.

Take a few minutes today to log in to your health fund's online portal or give them a call. Check your remaining limits, understand your reset date (especially if it's July 1st!), and identify any benefits you can still claim.

If you miss out this year, consider it a lesson learned. For the next financial year, follow Nicole's advice: be proactive and plan ahead. Book those dental and optical appointments well in advance to avoid the end-of-financial-year rush.

Compare and find the right health insurance for your needs at Finder today.