- Xtras Health Plan Ltd AFSL500574
- Xtras Health Plan Savings Schemes 627076411
- Xtras Health Plan Ltd ACN 618020885
You know that at the end of each year your unused funds expire and that if you need more than just the basics to enable you to get better and healthy you could end up with a sizeable gap. This problem has lead to people avoiding necessary care and putting up with pain and discomfort despite having paid for extras health insurance cover.
This is further compounded by factors such as limits and caps on how much you have access to in each year. It is not like you are in constant need of advanced care. Like most people you too might have purchased the cover for peace of mind, only to discover that you may not have it when you need it most.
A health plan on the other hand is a custom plan for your health needs, just as you pay for your extras cover, you pay into your health plan and over time your funds accumulate. Unused funds accumulate year on year creating a nest egg. So if you end up needing more than just the basics you are likely to have the funds to cover the health need. Well if that is not peace of mind - What is?
Consider this for a moment - What does "INSURANCE" mean. A quick search on Google defines insurance as an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium. Okay right! Let's see how this plays out. If you have taken out comprehensive car insurance, you will have a nominated excess to pay for a claim and if that unfortunate incident happens, you only pay the excess and the insurance company pays the difference for the repairs or pay you out. That's "Insurance".
However with your extras cover this may not be the case. Most private health insurance companies have caps, limits, tiers and fund rules that cap or limit what they pay. You pay your extras health insurance for the peace of mind of knowing that if you have a need it is covered (eg like the comprehensive car insurance) but hold on you may have to pay the difference between what is covered by the insurance company and the cost of your care. In other words, the excess is paid by the insurance company and your liability is not limited. That's not "Insurance". It's nothing more than a budgeting tool.
Take Peter's situation. He has been in a private health insurance scheme from age 15 and he is 64 now. Unfortunately he is in need of a dental crown for a broken back tooth. He goes to preferred provider of his scheme to find out that he has to pay an additional "GAP" for the service. The fees are capped by the scheme on what can be charged at a preferred provider. The cost of his membership of the insurance scheme has been rising year on year adding the cost of the much needed treatment. The other choice is for him to accept a denture instead and put up with the discomfort of food getting caught under the denture, for which he is still out of pocket.
Does this apply to you? Even if it does not apply to you, taking a few moments to consider how, Xtras Health Plan can potentially save you money and create a nest egg for your extras health needs with added privileges such as paying your hospital gap and or medical gaps not covered by Hospital Insurance, pay for your medication or even to use it in conjunction with your private health insurance extras cover.
With our "Rollover Savings Health Plan" you are in total control, simply put - "You are the Boss" You call the shots and decided on which service and how much you want to spend. Imagine if Xtras Health Plan were around when Peter joined the private health insurance extras scheme. He would end up having the crown done and being left with surplus funds in his account for future extras health needs.
Now that's a "Health Plan".
Xtras Health Plan Savings Scheme - is the new alternative to the old private health insurance extras cover.