Extras Value Protect

Protecting the value of your extras cover

We’re excited to announce Extras Value Protect, our new health insurance benefit for 2020. It is designed to ensure you get the most out of your Extras cover, whether you claim or not.

 

With Extras Value Protect you could receive a refund of up to 100% of your Extras premiums paid from 1 April to 31 December 2020 – protecting the value you receive from your Extras cover this year.

 

 

About Extras Value Protect

The value of Private Health Insurance is in your access to, and choice of, hospital, medical and extras health services when you need them most. However, we acknowledge that getting the most out of your Extras cover may be challenging this year.

 

Extras Value Protect has been specifically created for these unique times, and is a one-off benefit designed to protect the value of your Extras cover. Depending on your AIA Vitality Status, you’ll receive between 50% and 100% back on the Extras premiums you pay between 1 April and 31 December 2020 – minus the value of any Extras claims you make during this period.

 

Extras Value Protect is available to all our AIA Health Insurance members with a combined Hospital and Extras policy as well as any NEW AIA Health Insurance members who join on a combined Hospital and Extras policy between now and 31 December 2020.

 

 

What is AIA Vitality?

AIA Vitality is a personalised, science-backed health and wellbeing program that supports you every day to make healthier lifestyle choices.

 

As you make healthier choices like increasing your physical activity, eating better or going for a health check, you earn AIA Vitality Points. These Points contribute to your overall AIA Vitality Status (Bronze, Silver, Gold and Platinum). The higher your status, the greater the rewards.

 

AIA Vitality is available with your AIA Health Insurance policy.

 

Find out more about AIA Vitality!

 

 

How Extras Value Protect works

It’s simple! As at 31 December 2020 we will review:

 

  • Your AIA Vitality Status – to determine your value protection percentage;
  • The amount you have paid in Extras premiums between 1 April and 31 December; and
  • The amount you have claimed on your Extras during this period;

 

If you have paid more in Extras premiums than you have claimed in benefits during this time – you may be eligible for a refund.

 

Plus, the higher your AIA Vitality Status is at the end of the year, the greater your Extras value protection percentage, and therefore refund:

 

  • AIA Vitality Bronze Status = 50% value protection;
  • AIA Vitality Silver or Gold Status = 75% value protection;
  • AIA Vitality Platinum Status = 100% value protection.

 

How the refund is calculated

Example - Jessie, an AIA Vitality member currently at Silver Status

 

  1. Jessie has access to 75% value protection thanks to her AIA Vitality Silver Status.
  2. Jessie paid $600 in Extras premium between 1 April and 31 December 2020.*
  3. 75% of the Extras premium paid ($600) is $450.
  4. Jessie has also claimed $100 on her Extras during this period.
  5. Jessie will receive an Extras Value Protect refund of $350.

*This example is indicative only and does not represent your personal Extras Value Protect refund.

 

Now there are even more reasons to engage in AIA Vitality and be healthy!

 

What do I need to do?

To be eligible for an Extras Value Protect refund you must have made at least one premium payment on an active AIA Health Insurance combined Hospital and Extras policy between 1 April 2020 and 31 December 2020. As at the end of February 2021 your policy must remain active and be paid up-to-date. Please note that any Extras Value Protect refund provided is based purely on your Extra’s portion of premiums paid, not your total health insurance premium.

 

If you are eligible for a refund, we will notify you in January 2021 and the refund will be paid by direct deposit into your bank account in February 2021. Please ensure your banking details are up-to-date by logging in to your member portal.

 

The most important thing for you to do is look after your health. Engage with AIA Vitality and earn AIA Vitality Points for completing health checks and staying active - and be rewarded for your healthier choices. This will not only help you improve your wellbeing – it may also increase the Extras Value Protect refund you are entitled to.

 

With Extras Value Protect you can be assured you’re receiving the best possible value out of your Extras cover, giving you the confidence, you’ve made the right choice with AIA Health Insurance.

 

It’s just another way we continue to help our members lead healthier, longer, better lives.

 

You’ll find some FAQs below, providing further details about Extras Value Protect.

 

 

FAQs

As a result of COVID-19 restrictions in recent months we acknowledge that getting the most out of your Extras cover may have been challenging.

 

That’s why we have created Extras Value Protect, a one-off benefit designed to protect the value of your Extras cover this year by providing eligible policyholders with a refund on your Extras premiums paid in 2020.

To be eligible for Extras Value Protect you must:

 

  • Have made at least one premium payment on an active AIA Health Insurance combined (Hospital and Extras) policy from 1 April 2020 to 31 December 2020.
  • Have your AIA Health Insurance policy paid up-to-date and not be in arrears.
  • Have an active AIA Health Insurance policy at the time that the refund is issued (February 2021).

Your Extras Value Protect is calculated using the following 3 components:

 

  1. Your AIA Vitality Status (as at 31 Dec 2020) to determine your value protection percentage
  2. Total Extras Premiums you have paid (1 April to 31 Dec 2020)
  3. Total Extras Claims you have received (1 April to 31 Dec 2020).

 

*Please note that if there are two members on the policy, the higher of the two AIA Vitality Statuses will be used for the calculation.

 

Please refer to table below to see how this is calculated based on your AIA Vitality Status:

 

Extras Value Protection Amount
AIA Vitality Status as at
31 Dec 2020
50% of total Extras premiums paid less Extras claims
Bronze or no AIA Vitality
75% of total Extras premiums paid less Extras claims
Silver & Gold
100% of total Extras premiums paid less Extras claims
Platinum

Please note that where your total Extras claims have exceeded the ‘Value Protection’ percentage of the Extras premiums paid during the eligibility period, no refund will be paid.

If you are eligible for a refund, we will notify you in January 2021 and the refund will be paid by direct deposit into your bank account in February 2021.

 

Please ensure your email and banking details are up-to-date by logging in to your member portal or calling our Member Service Team on 1800 943 010. You will not be able to receive the refund until these are updated.

No, Extras Value Protect has been designed as a one-off benefit in 2020 to protect the value of your Extras during these unique times.

 

If you have an AIA Health Insurance policy, you may be covered for the recommended treatment, depending on your level of cover and if you have served the waiting period. You will need to follow the regular AIA Health Insurance hospital claim procedures. 

There are many easy ways that you can earn AIA Vitality Points to increase your AIA Vitality Status. To find out how visit AIA Vitality.

If you have combined Hospital and Extras cover the refund will be based only on the Extras portion of your total health insurance premium – not on the Hospital component.

No, where your total Extras claims have exceeded the ‘Value Protection’ percentage of the Extras premiums paid during the eligibility period, no refund will be paid. If your membership is not active or paid up-to date you will also not receive a refund.  

 

Please refer to 'How is the Extras Value Protect refund calculated?' for further details. 

Yes, any Extras premiums or claims paid on any combined health insurance products issued by MO Health Pty Ltd (including myOwn and RACQ Health Insurance) between 1 April 2020 and 31 December 2020 will be considered in your Extras Value Protect refund calculation.

Yes, we’ll include any Extras premiums for cover held between 1 April – 31 December, 2020, regardless of whether the premium was paid in advance prior to 1 April, 2020.