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Friday, March 16, 2012

Annual Limits on Flexi-Bonus - Lessons Learnt about Health Insurance

So you know about flexi bonuses and how you can use these to get more money back from Medibank. You probably thought, hey maybe I can spend $500 of my bonus on the most amazing pair of glasses I've ever owned. Live a little and treat myself. Well, you better read about annual limits.

What are Annual Limits? If you get glasses from a provider, generally health provider will cover something like the first $200 of the glasses. Everyone knows this. Then, you are able to claim from your flexi bonus. Some of you may have read about that here. However, the catch is, some things that CAN be claimed from your flexi-bonus like glasses have an annual limit. Even if your flexi bonus reaches your annual limit (eg $750), glasses have an annual limit of $200 from your flexi-bonus. So the most you can get back for glasses in one year would be $200+$200 = $400.

I found this out by spending $450 on two pairs of glasses, $200 was covered by Medibank and only the next $200 was claimable from my flexi bonus, which I only realised when I put in the claim.

Cost of the lesson = $50

Other lessons learnt about Health Insurance - Stick to official providers

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