As the calendar flips to a new year, many Australians may find themselves losing out on valuable health insurance extras. On January 1st, numerous health funds reset their extras benefit limits, meaning any unclaimed services such as dental, optical, or physiotherapy from the previous year will be forfeited.

“Australians are essentially leaving behind thousands of dollars in value each year,” cautions Chris Whitelaw from Money.com.au. He highlights a common pitfall, noting, “Many people don’t realize that these benefits disappear overnight on December 31. It’s truly a ‘use it or lose it’ situation.”

Recent surveys reveal that approximately 31 percent of Australians acknowledge having unused benefits on their health plans. Alarmingly, 15 percent of respondents admitted to barely utilizing or not using their extras at all.

The survey further indicates that older Australians are more likely to be unsure about whether they have unclaimed extras. Whitelaw offers insight into this trend, suggesting that generational attitudes might play a role. “This means they’re less aware of their annual limits,” he explains, underscoring the need for increased awareness and proactive management of health benefits.

The survey found older Australians were more likely to be uncertain about whether they have unclaimed extras, with Whitelaw explaining attitudes may impact this trend,” he said.

“This means they’re less aware of their annual limits.”

However, younger Aussies are more likely not to use any of their extras benefits at all, costing them the most.

Around 19 per cent of Millennials say they have used none or a very small amount of their extras this year.