You’ve been paying for it all year. Now use it before it disappears on July 1

If you have private health insurance with extras cover, you have about five weeks to use benefits you have already paid for. On July 1, most health funds reset their annual limits – and anything you haven’t claimed is gone. Not rolled over, not refunded, not banked for later. Gone.

A national survey found a potential $4.5 billion worth of private health cover extras go unused by Australians every year – an average of around $550 per person walking away from benefits they’ve already paid for.

Two in five Australians don’t even know whether they have unused extras remaining on their policy.

This is not a small problem. Private health insurers paid out $6.4 billion in extras benefits in the year to September 2024 – but research shows the majority of policyholders are still leaving money on the table.

Why it matters more for older Australians

More than 15.2 million Australians hold some form of private health insurance, with 55 per cent covered by an extras policy. For Starts at 60 readers, extras cover is often one of the primary reasons for holding private health insurance in the first place – dental care, optical, physiotherapy, chiropractic, podiatry and hearing services all fall under extras, and these are precisely the services older Australians use most.

Interestingly, older Australians were found to be more likely to be uncertain about whether they have unclaimed extras – possibly due to attitudes toward health insurance or simply not being aware of their annual limits.

The average combined single policy now costs around $3,264 a year. That is a significant financial commitment. The least you can do is make sure you are getting something back for it.

What you should be claiming before June 30

The most commonly unclaimed extras categories – and the ones most relevant to the over-60 audience – include:

Dental. General dental limits can range from $200 to $1,800 depending on your policy. A standard scale and clean, check-up and any outstanding work should be booked now. Dental appointment books fill up quickly in June – don’t leave it until the last week.

Optical. New glasses or contact lenses, an eye test, or updated prescription lenses. Most extras policies include a specific optical benefit that resets annually. If you’ve been putting off new glasses, now is the time.

Physiotherapy. If you have a niggling shoulder, a stiff back, knee pain or any musculoskeletal issue you’ve been managing, your remaining physiotherapy benefit can help cover treatment. Check your remaining limit and book a session or two.

Chiropractic and osteopathy. Covered under most extras policies with annual limits that reset on July 1.

Podiatry. Particularly relevant for people managing diabetes, circulation issues or foot problems. Often underused despite being specifically included in many policies.

Remedial massage. Yes, many policies cover this. It is one of the most commonly forgotten benefits.

Hearing aids and audiology. For readers with hearing concerns or existing hearing aids requiring servicing, check your policy – hearing benefits are often substantial and frequently go unclaimed.

How to find out what you have left

This takes five minutes and could save you hundreds of dollars.

Log into your health fund’s app or online member portal. Every major fund – Bupa, Medibank, HCF, HBF, NIB, AHM and the rest – allows you to see your current claims against your annual limits for each category. You will be able to see exactly what you have claimed so far this year and what remains available before June 30.

If you are not comfortable using an app, call your fund directly. They are required to provide you with a full breakdown of your unused benefits. Check your claims history and remaining limits, then book any outstanding appointments before the June rush begins in earnest.

The argument you should have with yourself

There is a temptation, particularly when life is busy, to put this off. Don’t.

Think of your extras cover the way a financial adviser would: as a savings account with a hard expiry date. The money you have paid in premiums this year is not coming back to you if you don’t use it. The only question is whether the benefit goes to your dentist, your physiotherapist or your optometrist – or whether it simply disappears into the health fund’s bottom line on July 1.

As one analyst put it: “It’s like buying a holiday and never taking it.”

You’ve paid for it. Use it.

One important note for this year

Most health funds reset their extras limits on July 1 for policies running on the financial year cycle, and any unclaimed benefits expire at that point. Some funds, including AHM, have offered extras rollover arrangements in recent years – worth checking directly with your fund whether any rollover applies to your specific policy before assuming everything disappears.

But the safest and smartest approach remains the same: check what you have left, book the appointments you need, and use what you’ve already paid for.

July 1 comes around every year. The difference this year can be that you’re not one of the Australians who gave $550 back for nothing.