Private health insurance in 2023: Are extras worth it?

Private health insurance in 2023: Are extras worth it?

With major health funds increasing premiums (which, as Billy Explores knows, means it’s time to compare health insurance and potentially get a better deal), one of the main questions about private health insurance in 2023 is ‘Are extras actually worth it”?

Happy New Year! We’ve hit 2023. Christmas decorations have been put away, new year’s festivities are all complete and we hope that you used your claimable extras benefits before it ticked over on 1 January 2023. Of course, starting a new year with a fresh claimable benefits amount in your back pocket is a great time to actually ask yourself ‘is extras cover actually worth it?’

Billy Explores loves getting better value health insurance for everyday Aussies who compare health insurance, and this also includes extras cover. In this article, we will have a look at extras health insurance in 2023. If you want to do a private health insurance comparison or extras comparison straight away, just click the link below!

What Actually Is Extras Cover?

Extras cover is an add-on to hospital insurance as part of your private health insurance options. It’s optional, and pays benefits for various treatments and services that aren’t in hospital or covered by Medicare, for example dental work or optical work. Currently almost 13 million Aussies hold extras cover (and that’s almost 13 million people who could be getting a better deal on their extras cover by doing a health insurance comparison through Billy Explores).

Is Extras Cover Worth It?

The answer to the question as to if extras cover is worth it is definitely individual one as the Aussie holding the extras cover. It’s the same as private health insurance – everyone has their own individual needs and thoughts. Aussies are happy for the safety and security that private health insurance gives them. Others use it for tax reasons.

However, according to the latest private health stats from the Australian Prudential Regulation Authority’s (APRA), for every dollar Aussies spend on extras cover, less than 45 cents is returned back to consumers in benefits. Remember though, the dollar spend factors in premiums plus out-of-pocket expenses or gap fees.

So, essentially if you’re looking at from purely a dollar value perspective, the answer is no, extras cover isn’t worth it.

Make Sure You’re Getting Value For Extras Cover

Of course, extras cover is worth it for Aussies if you can get the best value for your hard earned dollar (which is why it does pay to compare through Billy Explores!) Here’s some ways you can make your extras cover work for you!

1. Check your spend.

Do the math. Check your transaction history first if you have extras insurance. Over a period of time, such as a year or three years, add up your benefit claims to see if they are equal to or, better still, exceed your extras cover premiums. If you’re regularly spending more than you actually get back in dollar terms, then you may be able to not have extras cover in 2023.

2. Use it or lose it

Before your benefits run out, use them. Before any limits are reset, Aussies can take the simple step of making sure they are actually using their benefits. If you don’t, you’re pretty much just lining the pockets of a corporation with your hard-earned money. So that you are not rushing to get those contact lenses or schedule that much-needed massage, plan out how you will use any remaining advantages as soon as possible.

3. Take advantage of any bonuses

Searching for a bargain that allows you to skip the policy’s regular waiting periods is another strategy to budget for your extra services. Typically, there will be a two- to six-month wait. It will imply that you can immediately seek reimbursement for expenses like glasses and dental treatments. You can also find more about these handy bonuses when you compare through Billy Explores.

Compare Extras Cover Through Billy Explores

Of course, it pays to be careful when you compare health insurance extras cover. In the end, extras cover is only beneficial when used wisely. You should be one of the Aussies who helps to raise the 45 cents per dollar to a more equitable level.

So, you’ve made the decision to either continue with your extras cover, or want a new extras cover policy. The best way to compare health insurance extras cover is through Billy Explores. You can save time and effort and explore potential savings and a better deal for your extras cover. Best of all, it’s a free service! So just click below to start your private health insurance comparison journey today.

Important Links For Health Insurance Comparison

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