Private health insurance gives great security, at a price, and extras cover can be a valuable asset – if you use them. And time is running out to use or lose those benefits as they don’t roll over into the next calendar year.

Most private insurers reset their extras benefits on 1 January, so if you have unused benefits you can kiss them goodbye from that date.

Extras cover such things as glasses, dentistry, physiotherapy and chiropractic work and because of COVID lockdowns there are likely to be more unused benefits than usual this year.

CHOICE health insurance expert Uta Mihm says failing to use up extras benefits before 1 January could equate to “thousands of dollars down the drain” for some families.

"Act now before it’s too late,” she advises.

She says now is a good time to review how much you use your extras cover.

“Extras cover can be worth it, but only if it pays out more than the premiums you are paying for it,” she says.

“The average extras cover for a single person is about $810 a year, which is a lot of money if you’re not using it.”

CHOICE offers the following tips for getting the most from your extras cover.

Make a list of your expenses: Estimate how much money you spend on things such as glasses and dental appointments in a year. By making that amount your premium limit, your policy shouldn’t cost more than what you’re already spending.

Consider separating extras cover from hospital cover: Your hospital and extras policies don’t have to come from the same health insurance provider; you can shop around for the best deals on each.

Be aware of waiting periods: It’s important to know that many policies are restrictive when it comes to claims for major dental treatments in the first year. If you’re wanting to use extras cover to get in, make a big claim, then leave, this may not work out so well.

Do you have extras? Are you conscious of ensuring you use those benefits before they expire at the end of the year?