Your End-of-Year Health Fund Guide 2023

As the end of the year approaches quickly, you should dedicate some time to look over your health fund and ensure you are getting the most out of your fund. Remember that your extra benefits reset every year, and you cannot roll them over.

At E Eye Place, we take your well-being seriously and have compiled some helpful information so you can take advantage of your entire fund and not miss out on health-related necessities.

Essential Dates for Health Funds

Health funds reset annually on one of three different dates.

• January first
• July first
• The anniversary of your policy starting

Statistics About Wasted Funds

Because the extra benefits do not roll over to upcoming coverage years, many Australians leave portions of the funds they paid for unused. Typically, extra funds go unused in the areas of:

• Optical
• Podiatry
• Physio
• Dental

The estimated amount of fund money left behind varies, but experts speculate that it is between $800 to $1,300 a year. In many cases, the amount can be much greater. For example, a well-known fund offers an Australian family of four access to $17,720 worth of extras. However, if the family limits their use of the fund to basics, they are ignoring up to $14,000 worth of health care.

Four Ways to Avoid Wasting Your Health Fund Money

1. Check the Details of Your Health Fund Carefully – You may be missing out on healthcare services simply because you are not aware of what is available to you.
2. Avoid Putting Your Healthcare on the Backburner – We live in a supremely fast-paced world, and it is easy to be swept along with the issues of each day. However, you are not doing yourself any physical or financial favours by skipping care you essentially paid to access.
3. Shop Around – You may be paying for more extra cover than you need. Review your recent medical care and compare it to what is available to you in your current health fund. If you have had all the healthcare you require and there is still a large gap between what you used and what is left, you could see substantial savings by changing coverage and still not miss out on necessary care.
4. Use What You Have – If you still have unused health fund money, try and use what you can before your plan resets.

Optical Cover in Your Health Fund

In health funds, optical cover is a part of the extra benefits and is a popular option as the majority of adults will eventually need corrective lenses.

There are several ways you can use your optical cover, including:

• Gap Fees – Even though Medicare covers some costs of prescription lenses or contacts, many people experience a substantial difference between the cost and how much is their responsibility after Medicare makes its payment. Numerous people benefit from the ability to get the corrective lenses needed without significant out-of-pocket expenses.
• Specialty Products – Prescription sunglasses, lens coatings, specialty frames, contact lenses and extra lenses are examples of uses for optical cover.

Using My Health Fund at E Eye Place

A majority of health funds offer excellent allowances for optical care. While each plan is a little different than the next, you can save money, upgrade your optical gear, or both. Even if there are waiting periods or exclusions, it is worth your time to explore your options and ensure you are getting all of the extra cover you deserve.

At E Eye Place, our staff has extensive experience with several popular health funds. To use your health fund at E Eye Place, bring your insurance card to your appointment, and we can see what extras you are entitled to use.

Conclusion + Call to Action for E Eye Place

Keeping on top of your health and healthcare funds can sometimes be challenging. However, you want to get all of the value you purchased and ensure you are getting your money’s worth. Because of this, it is vital to ask questions about elements you do not understand.

E Eye Place partners with many health funds; we are Defence Health, CBHS, and HCF optometrists. Contact our experienced staff at E Eye Place for more information regarding the health funds who work with our practice, as well as making an appointment and general information.