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Table Of Contents
    Types of Health insurance

    Pros and Cons of Extras Cover in Australian Health Insurance

    Pros and Cons of Extras Cover in Australian Health Insurance
    Megan Fraser Fact Checked Updated: 11 December 2023
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    The cost of healthcare services in Australia can amount to large numbers quite quickly. However small the transaction is, these amounts pile up into a hefty total cost. Typical basic health insurance policies do not cover out-of-hospital services, but this is the issue that Extras Cover attempts to solve. Extras cover provides members with coverage for various different out-of-hospital services.

    These services can range from dental to physio and optical, as well as everything between and beyond. These policy types aim to provide members with sufficient coverage to mitigate the impact of out-of-pocket costs. Let’s look deeper at what Extras cover is, how it can assist you, the benefits it provides, and how you can choose the best Extras cover for your and your family’s needs.

    Key facts

    • Extras cover covers out-of-hospital services such as dental, optical, physio, and many more.
    • The policy often gives policyholders various advantages such as rewards, benefits, and discounts at selected providers.
    • If a household spends a lot on out-of-hospital services, Extras cover is a good way to lower this expenditure substantially.
    • Some insurers allow policyholders and members to choose the Extras they require, while others provide structured policies that cannot be altered.

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    Understanding Extras Cover

    Extras cover is often acquired as an additional form of health insurance. While the most important procedures and treatments occur in-hospital, numerous other healthcare services, treatments, and procedures occur outside the hospital. Extras cover and combined cover are policy types that aim to assist the policyholder and their dependents with these services.

    Extras cover can be taken out without having Hospital cover. Members can choose to only have an Extras Cover policy without having a Hospital policy. When members choose to have both, they can opt for the combined policies many insurers often provide.

    What Extras Cover Includes and Excludes

    Extras cover includes services, treatments, and procedures typically conducted out-of-hospital. These can be general services such as receiving prescription glasses, having a routine dental check, or even visits to the chiropractor. 

    Extras cover will provide the policyholder with coverage, rewards, benefits, and discounts for these services to ensure that the policyholder receives the required healthcare assistance. Extras cover does not provide coverage for in-hospital services as that policy type is known as the Hospital Policy.

    Who Should Consider Extras Cover

    Extras cover is designed to assist people who frequently need out-of-hospital services. These costs, however small they may be, can swiftly rise. Extras cover provides the policyholder with the necessary financial assistance to receive the required healthcare services without jeopardising their financial wellbeing. 

    Families can greatly benefit from these policy types because they often run into unexpected scenarios where additional services, like dental or optical assistance for a child, may be required.

    Pros and Cons of Extras Cover in Australian Health Insurance 1 scaled

    When is Extras Cover a Good Idea

    Much like Hospital Cover, Extras Cover provides the policyholder with an additional layer of protection in an emergency. Life is unpredictable, and high-quality assistance can make a difference when needed. Situations such as severe tooth problems, optical issues, physio issues, and many other problems can occur anytime. Extras cover can ensure that these scenarios are dealt with while also lowering the total out-of-pocket costs that you may have.

    Extras cover is a good idea for households that spend much money on out-of-hospital services, treatments, and procedures. Costs can quickly pile up, and with the assistance of a comprehensive Extras policy, households can mitigate the total expenditure that they may face.

    Benefits of Extras Cover

    Extras Cover is designed to benefit the policyholder. This health insurance type is there to ensure that members still have coverage when seeking out services, products, and treatments that are out-of-hospital. Some of the benefits a policyholder may notice could include the following.

    Limitations and Considerations

    Depending on your choice of insurer, there will be certain limitations on your cover and considerations to understand. Understanding these limitations and considerations will allow you to maximize the utility of the Extras Cover policy. Limitations may come from waiting periods, annual limits, and other insurer-unique factors. Speaking to your insurer before deciding on a policy is the best way to completely understand the chosen policy and any limitations it may have.

    Choosing the Right Extras Cover

    When choosing the right Extras Cover Policy that matches your personal needs and maximizes your spending, here are a few key points that you can look at.

    Frequently Asked Questions and Answers

    • What is Extras Cover in health insurance?

      Extras cover is a type of health insurance that assists in providing cover to policyholders for out-of-hospital services. These services are often not included in the Medicare coverage. Extras can cover various additional services and treatments such as acupuncture, physio, optical, and dental.
    • How do I choose the right Extras Cover?

      When choosing the right Extras Cover Policy, you must first identify your needs. Things such as dental, physio, and optical can oftentimes be expensive. Extras cover allows you to meet these needs while lowering the total out-of-pocket costs that you may face. Price matching, policy comparisons, personal requirements, and overall coverage are a few factors to which one should always pay attention when choosing an Extras policy.
    • Can Extras Cover be customized?

      The ability to customize your Extras Cover Policy depends completely on the insurer you choose to partner with. Some insurers allow their policyholders to choose the Extras they require, while others may offer pre-designed and structured policy types. If a member would like more flexibility in the customization of their Extras cover, partnering with an insurer that gives them the freedom of choice is a good solution.
    • How does Extras Cover differ from basic health insurance?

      Extras cover differs from Basic Health Insurance because of the types of services and treatments it covers. Basic health insurance often only covers the expenses of in-hospital services, treatments and procedures. Extras Cover takes comprehensive coverage a step further by also providing the policyholder with coverage for services that are out-of-hospital and often not covered by Basic Health Insurance policies and Medicare.
    • Are there any tax benefits to having Extras Cover?

      Extras cover does not have any associated tax benefits, however, having private health insurance does. Private Health Insurance significantly lowers the level of tax that a policyholder may be required to pay.

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