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Extras Value Protect 2.0

An industry first – protecting the value of your extras cover.

We’re very excited to announce Extras Value Protect 2.0! It is designed to ensure you get the most out of your Extras cover, whether you claim or not.

A first for health insurance and only available to AIA Health customers who holds an open AIA Health product, Extras Value Protect is a unique benefit that allows you to get up to 100% of your Extras premium refunded.

About Extras Value Protect

Extras Value Protect was first launched in 2020 to support our customers at a time when getting the most value out of Extras cover may have been a little challenging. The response was overwhelmingly positive, so we are bringing it back for 2021, with a stronger tie to the AIA Vitality program.

A first for health insurance and only available to AIA Health customers, Extras Value Protect is a unique benefit that allows you to get up to 100% of your Extras premium refunded, so you can get the most out of your Extras cover!

AM I ELIGIBLE?

Extras Value Protect is available to all AIA Health members on an open Hospital and Extras policy as well as new members who joins a combined Hospital and Extras policy between now and 31 December 2021.

To be eligible for Extras Value Protect 2.0, you’ll also need to achieve AIA Vitality Silver Status or above by 31 December 2021.

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

Here’s how it works. As at 31 December 2021, we’ll review:

your AIA Vitality Status – you’ll need to be on AIA Vitality Silver Status or above to qualify for a value protection percentage
the amount you paid in Extras premiums between 1 January and 31 December 2021, and
the amount you claimed on your Extras during this same period.
your health insurance membership status – to ensure your payments are up to date.

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

The higher your AIA Vitality Status as at 31 December 2021, the greater your protection percentage and therefore refund benefit:

AIA Vitality Platinum Status = 100% value protection
AIA Vitality Gold Status = 75% value protection
AIA Vitality Silver Status = 50% value protection
AIA Vitality Bronze Status = not eligible for Extras Value Protect 2021

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

THE HIGHER YOUR AIA VITALITY STATUS, THE GREATER THE REFUND

What do I need to do?

To be eligible for an Extras Value Protect refund you must be on AIA Vitality Silver Status or above and have made at least one premium payment on an active AIA Health combined Hospital and Extras policy between 1 January 2021 and 31 December 2021. As at the end of February 2022 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 by the end of February 2022 and will confirm when the refund will be paid by direct deposit into your bank account. 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.

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

FAQs

Why is AIA Health Insurance offering Extras Value Protect?

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

That’s why we originally created Extras Value Protect, a one-off benefit designed to protect the value of your Extras cover in 2020 by providing eligible policyholders with a refund on your Extras premiums paid in the first 3 months of 2021.

The benefit was very well received by our customers, so we are bringing it back for a second year in 2021 with a stronger tie to the AIA Vitality program.

How is my eligibility determined?

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 January 2021 to 31 December 2021.
Have your AIA Health policy paid up-to-date and not be in arrears.
Have an AIA Vitality status of Silver or higher as at 31 December 2021.
Have an active AIA Health Insurance policy at the time that the refund is issued (February 2022).

How is the Extras Value Protect refund calculated?

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

Your AIA Vitality Status (as at 31Dec 2021) to determine your value protection percentage
Total Extras Premiums you have paid (1 January to 31 Dec 2021)
Total Extras Claims you have received (1 January to 31 Dec 2021).

*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 2021
Not eligible for Extras Value Protect benefit	Bronze or no AIA Vitality
50% of total Extras premiums paid less Extras claims	Silver
75% of total Extras premiums paid less Extras claims	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.

When will I receive the refund?

If you are eligible for a refund, we will notify you by the end of February 2022, with the notification confirming when the refund will be paid by direct deposit into your bank account.

Please ensure your banking details and email are up-to-date by logging in to your member portal or calling our Member Service Team on 1800 333 004. You will not be able to receive the refund until these are updated.

Is this an ongoing benefit?

No, Extras Value Protect was designed as a one-off benefit in 2020 to protect the value of your Extras. Based on customer feedback and the continuing COVID-19 challenges, AIA Health decided to run Extras Value Protect again in 2021.

How do I improve my AIA Vitality Status to increase my Extras Value Protect refund?

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.

Is the refund only paid on my Extras premium or my total health insurance premium?

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.

Am I guaranteed an Extras Value Protect refund?

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.

I’ve transferred from myOwn to AIA Health Insurance during the eligibility period. Will you recognise my myOwn Extras cover for this benefit?

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.

I paid my annual premium prior to 1 April, 2020. Will that be included in my 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.

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Extras Value Protect 2.0

About Extras Value Protect

AM I ELIGIBLE?

What is AIA Vitality?

How Extras Value Protect works

THE HIGHER YOUR AIA VITALITY STATUS, THE GREATER THE REFUND

What do I need to do?

FAQs

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Make a claim

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Extras Value Protect 2.0

About Extras Value Protect

AM I ELIGIBLE?

What is AIA Vitality?

How Extras Value Protect works

THE HIGHER YOUR AIA VITALITY STATUS, THE GREATER THE REFUND

What do I need to do?

FAQs