Health funds: Use it or lose it

Health funds in Australia re-set on 1 January every year

If you have extras health insurance, getting value out of your membership is probably a high priority for you and your family.

Many families invest in ‘extras’ cover to protect themselves against the costs of health services that can unexpectedly blow the family budget.

However, it’s important to know that most health insurance funds reset their extras benefits on 1 January every year, and so any benefits that you don’t use are lost.

Making the most of your investment

Services like speech therapy, occupational therapy, psychology and physiotherapy are common inclusions for Australian health funds that provide policies for families.

If you or your child wears glasses, it’s worth ensuring that check your prescription is up to date before the end of the year, and of course, if your child hasn’t been to the dentist for a while, December is a good time to get that check up that you’ve been putting off.

Annual limits

Most memberships will provide you with an annual limit – so if you or your child commences a therapy service in the latter part of the year, you may find that much of the cost is covered by your fund.

The benefit here is that your annual maximum limits is likely to reset on 1 January, meaning that a block of treatment started at the end of one year can continue in a cost effective way for months to come.

While some funds reset at the end of the financial year, and a few on the date you joined, there are a few funds, such as Police Health and Emergency Services Health, that will allow you to claim unused benefits for some services during the following year.

Funds that ‘re-set’ in 1 January every year

If you and your children are members of one of the ‘mainstream’ Australian health funds, it’s probably a good idea to check when your benefits roll over.

If you have health insurance with one of the below funds, your extras benefits will reset on 1 January and what you haven’t used will be gone.

  • Health funds that reset their extras benefits on 1 January include:
  • ACA
  • APIA
  • Australian Unity
  • Bupa
  • CBHS Corporate
  • CBHS
  • CUA
  • Doctors’ Health
  • Frank
  • HBF
  • HCF
  • HCI
  • HIF
  • Health Partners
  • Latrobe
  • Medibank
  • Mildura Health
  • MyOwn
  • NIB
  • Nurses & Midwives Health
  • Phoenix Health
  • Qantas Assure
  • RACQ
  • rthealth
  • St.LukesHealth
  • Teachers Health
  • Transport Health
  • TUH and Union Health
Gap Free Speech Therapy and Occupational Therapy screenings at Kids First in Sydney's northern beaches

Kids First Children’s Services offers GAP FREE Speech Therapy and Occupational Therapy screenings for children who are covered by a health fund.

If you have concerns for your child’s:

  • Speech sounds or pronunciation
  • Understanding of language or ability to remember instructions
  • Social skills
  • Pencil grip or handwriting
  • Gross motor skills or balance
  • Emotional regulation

Contact Kids First now to arrange a GAP FREE screening with a member of our experienced team.

If your child is covered for Speech or Occupational Therapy by your health fund, your child’s screening will be FREE!

For more information or to book an appointment for your child, follow the link below.

Find out more about Gap Free Screenings here

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