Opinion
How to instantly claim an extra $400 if you have private health
Nicole Pedersen-McKinnon
Money contributorWould an instant extra $400 help right now? Because if you have private health, we have reached the time of year when you can make two little-known claims to deliver precisely that.
And it’s probably just in the nick of time with new research from Choice showing health premiums are hurting Australians badly. Despite a comparatively low average rise of 3.03 per cent on April 1 this year, some funds have hit members with increases as high as 17 per cent.
If you’re a regular gym-goer with a physical ailment, you could be in line for a $400 private health payout.Credit: Nicolas Walker
Gold policies had the highest rises, with the average above 10 per cent for HBF, HCF, HIF and Australian Unity policies, according to a Choice study of more than 24,000 hospitals policies. It was a Gold policy in Western Australia that had that 17 per cent increase.
It may all have you thinking of dropping cover. But – as I’ve long said – adding extras to your hospital policy can make it pay for itself. And this is where that bonus $400 comes in.
You could be eligible for this surprise payout if at least one of two cases applies: you have children taking swimming lessons, or you have a gym membership and are slightly injured. The payout is a reimbursement of part of the cost of the lessons or the gym. Or both.
It varies from fund to fund, but usually health funds cover both swimming and going to gym, the latter under a bucket of funds called something like “health management”.
Your potential bonus $400 may even go close to covering a month’s premium.
This allowance is for the preventative stuff. It’s really the lifestyle or holistic health part of your policy, introduced by many funds recently to try to reduce the number of claims for preventable disease and ill health.
One large fund defines programs that fall into this category as those that help manage, prevent and improve a specific health condition.
Other examples of allowable claims under this category may include childbirth education, breastfeeding support, weight-management classes or services and diabetes management programs. Relevant to you?
Every person on a policy can usually claim up to $200 annually, often capped at $400 per policy. And the same usually applies to kids’ swimming lessons.
Why is it only about this time of year that this swimming and gym opportunity comes up? Because you need to have accrued that much cost in a calendar year, and have the receipts proving it.
While – if you still have it – you might have passed $200 in gym costs months ago, swimming lessons may have just hit your hip pocket to that extent.
And think about it: two little swimmers would mean an immediate $400 payout. So would two (maybe recuperating) gym members. And equally, at this time of year, you’re in luck with one swimmer and one gym-goer. The timing, as finances get even tighter, could be perfect.
So how do you trigger the payout?
For the swimming lessons, all you need to do to claim is collect and submit your receipts. You’ll soon know if it is covered under your policy.
The process is more involved for the gym as not everyone with a membership is eligible.
I mentioned injuries before … more specifically, a general or other specified medical practitioner has to be satisfied – and sign – that gym membership is medically necessary (and not just for overall health).
An old injury should do the trick. A back problem that requires a strong core and training to prevent a flare up, could be enough. Even high blood pressure or others. Indeed, you could argue that many conditions would benefit from you being fit and healthy.
Each insurer has a specific form to take to your GP or other health practitioner, variously called things like Health Improvement Benefit Approval Form (AHM), Health Management Gym and PT Medical Form (Bupa) or an Exercise and Gym Benefits Authorisation and claim (HCF).
Then you just send that form to your health fund, and you will be in the money. Your potential bonus $400 may even go close to covering a month’s premium.
Nicole Pedersen-McKinnon is the author of How to Get Mortgage-Free Like Me, available at www.nicolessmartmoney.com. Follow Nicole on Facebook, Twitter or Instagram.
- Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
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