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Friday, March 16, 2012

Flexi-Bonus - Lessons Learnt about Health Insurance

I posted two years ago asking everyone about my Medibank Health Insurance Flexi-Bonus. I had spoken to Medibank about it but I still wasn't sure..

"I don't know about you but that has left me quite confused. I have $750 worth of PackageBonus and $175 for this calendar year to use my flexi-bonus but what can you use it for? Who can you claim from? Anyone out there able to shed some light?"

I got no replies from passers by via google but I could see a lot of traffic coming this way probably looking for answersSo here's the first lesson I learnt..

Some Medibank Health Insurance policies such as MyOptions includes extra cover under a scheme called  Flexi-Bonus and PackageBonus. This amount increases over time up to an annual limit (in my case, $750) if not used up.

When you make a claim, they will ask whether you would like to use your extras cover - this is actually referring to your flexi-bonus. That's when you should always say yes. Don't know why they ask, maybe because by asking, there is a chance you may say no and they can save some money. This was another expensive lesson I learnt through someone else.

This person went to get acupuncture and the total cost was $270. When they processed the claim, they only got back $64.90. They were actually entitled to use their extras cover or package bonus for this, which would have covered the whole amount of $270 rather than just $64.90.

Cost of the lesson = $205.10

Most recently, the person I mentioned got more acupuncture treatment but this time claimed back the full $180 that she was entitled to under the Flexi-Bonus.

Other lessons learnt about Health Insurance - Stick to official providers

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