Betty had the spread her dental implant treatment over two financial years of her extras health insurers scheme as her benefits were capped for each year. So to be able to get the maximum rebates, she chose to spread her treatment over two years.
Even though she could have it done in the same year. Having a mortgage that they are paying off. She chose not to increase her out of pocket expense and spread the cost out.
Contrast that with XHP. She would have unused funds accumulate over time and could have had her treatment completed in the same year and given that she had sufficient funds in her account. She would not have to dip into her offset account
However, you must consider that some health funds extras cover may change their offering or limits, in which case you may be better off with private health insurance extras cover. It would be in their offer document.
Information provided is General Information only. Your personal circumstances have not been considered and do not constitute financial, legal, accounting or tax advice. Past performance is not indicative of future performance. Information used here is based on assumptions as above and as having occurred in the past, is not a future forecast. Account balance calculation is based on no spend for health with either PHI or XHP. The return for health insurance assumes no claim on a health insurance policy over the relevant period. No value has been attributed to holding a health insurance policy in the relevant period however it may be desirable to hold health insurance based on your personal circumstances.
Xtras Health Plan Ltd – AFSL500574
Xtras Health Plan Savings Scheme – ARSN 627076411
Xtras Health Plan Ltd – ACN 618020885
Xtras Health Plan Savings Scheme (Xtras) is not an insurance policy and you should consider your personal circumstances before deciding whether to open an account. Funds deposited to an account will not be eligible for a private health insurance rebate. Xtras may be considered as a replacement for or to act supplementary to private health insurance depending on your personal circumstances. Xtras Health Plan Ltd does not warrant that Xtras is suitable for your personal circumstances and you should consider your health and financial needs before deciding whether to open an account. There is a risk that you may have insufficient funds in your account to meet the costs of health treatment depending on the treatment required and amount deposited to your account.