Many health funds have extras benefits that reset as the calendar turns over to the new year, meaning any unused extras like dental, optical, or physiotherapy services will be forfeited.

Chris Whitelaw from Money.com.au highlighted the issue, stating, “Australians lose out on potentially thousands of dollars in value every year because of this.”

“A lot of people aren’t aware that these benefits expire as the clock strikes midnight on December 31. It’s a classic case of ‘use it or lose it,’” he remarked.

According to a survey, about 31 percent of Australians acknowledge they still have unused benefits remaining, while 15 percent confess they have barely touched or not used their extras at all.

The survey also revealed that older Australians are more likely to be unsure about their unclaimed extras. Whitelaw noted that this could be due to certain attitudes that impact awareness among this demographic.

“This means they’re less aware of their annual limits.”

However, younger Aussies are more likely not to use any of their extras benefits at all, costing them the most.

Around 19 per cent of Millennials say they have used none or a very small amount of their extras this year.