A recent survey reveals that many Australians with single health insurance policies rarely use the extra benefits they are paying for. The survey found that two in five Australians are paying for benefits they rarely claim.
Survey Results Highlight Low Usage of Extra Covers in Single Policies
According to a survey conducted by Money.com.au, 40% of Australians on single health insurance policies claim extra benefits just 1-2 times a year. Despite paying for additional coverage, many policyholders are not utilizing these benefits regularly.
“Someone on a single policy may naturally claim less, but if they’re only claiming once or twice a year, such as for a bi-annual dental check-up, they are still paying for numerous benefits they don’t use,” said Chris Whitelaw, General Manager of Health Insurance at Money.com.au.
Couples and Families Are More Likely to Use Extra Covers
The survey also revealed that couples and families are more likely to make claims on extra covers. Only 20% of people with a couples policy claim 1-2 times a year, while 31% of families do the same.
Whitelaw explained, “It’s natural for couples and families to claim more frequently. With more people on a policy, there are more needs for general or ancillary treatments, such as dental visits, physiotherapy, or optical check-ups.”
Frequency of Claims: Couples vs. Families
Families, in particular, are more likely to claim extra benefits 3-5 times per year, with 33% of families falling into this category. This is compared to 31% of couples who claim within the same frequency.
However, couples tend to claim at higher frequencies. The survey found that 26% of couples make claims 6-10 times annually, compared to 19% of families. Additionally, 17% of couples claim more than 10 times per year, whereas only 9% of families report the same high frequency of claims.
Couples Have Fewer Non-Claimers
Interestingly, couples are also more likely to claim regularly compared to families. Only 6% of couples reported not making any claims at all, while 8% of families said the same, according to the survey results.
Conclusion
The survey highlights that many Australians on single health insurance policies are not fully utilizing the extra benefits they pay for. In contrast, couples and families are more likely to make claims on these benefits, with families and couples experiencing higher frequencies of claims. This suggests that larger households may be getting better value from their health insurance extras.
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