The recent Corona pandemic has shown that if one was to suspend payments due to financial hardship, they are not covered and cannot make a claim. The suspension periods are limited to 3 months with some of the extras health insurance providers as well.
With XHP, you dont have to apply and wait to be approved for the suspension. That is your decision. We call it enabling you to make informed choices that suit you.
Apply from your member portal for the period of time you want and remember there is a suspension fee charged. Accept the terms and conditions of the suspension and that’s it. Now your suspension is active until you start to your contributions again
Whilst your account is suspended, you have full access to the funds in your account for your extras health needs.
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.