Reserve Bank Health Society Extras Cover Review

How does RBHS extras cover compare?

Reserve Bank Health Society is a restricted health fund for current and former employees of the Reserve Bank of Australia (RBA) and Note Printing Australia (NPA). You can also join the fund if you are one of the following:

  • The current or former spouse of an eligible current or former RBA employee.
  • An adult child of an eligible current or former RBA employee.
finder.com.au does not currently have access to this health insurance brand. You may wish to compare options available on the health insurance homepage.

The extras cover

There is only one extras product available from RBHS, which provides comprehensive cover.

The dental cover

ServiceBenefit limit
General and preventative dentalNo annual limit
Dental surgery$6,500 over 5 years
Crowns and bridges$6,000 over 5 years
Dentures$2,500 over 5 years
Endodontics$1,700 over 2 years
Orthodontics$4,450 lifetime limit

The optical cover

ServiceBenefit limit
Glasses and contact lenses$920 over 2 years
Laser eye surgery$1,350 per eye lifetime limit
Orthoptics (eye therapy)$790 per year

The other cover

ServiceBenefit limit
Non-PBS pharmaceuticals$1,000 per year
Physiotherapy$1,000 per year
Chiropractic and osteopathy$920 per year
Podiatry$750 per year
Psychology$920 per year
Acupuncture$850 per year
Naturopathy and remedial massage$850 per year
Hearing aids$5,440 over 5 years
Prescribed artificial aids$1,040 over 3 rolling years

What are the benefits and features of RBHS extras cover?

The RBHS extras cover is exceptional and comes with a wider range of covered services and higher limits than typical comprehensive extras policies.

  • Wide service range. This extras plan includes some very hard-to-find features like $2,800 of IVF cover to help pay for the non-Medicare costs involved in IVF. The dental cover is particularly expansive, with specific benefits payable for things like after-hours dentist call-outs, teeth whitening and any other dental expenses not specified.
  • High multi-year limits. Each service has multi-year limits designed to match the usual frequency of use. Compared to the majority of health extras plans in Australia, the limits and benefits payable are both exceptionally high.

Dental features

The distinctive multi-year limits and the very high benefits payable for dental services favour lasting and high-quality dental services.

It also helps cover the cost of any services you could possible receive from a dentist, rather than simply covering a list of specified procedures. For example, it pays up to $850 for a snoring mouthguard as well as a benefit for “treatment not otherwise specified.”

Optical features

You can only claim $460 in the first year of cover, but after that you’re into the two-year $960 limit to match the usual lifespan of eyewear. There’s a 12-month waiting period for optical claims, so if you’re joining RHBS for the first time or not switching from a previous extras plan that included optical cover, you won’t be able to make a claim in the first year. This means you will start off with the full $960 two-year limit after the wait period is up.

Generally, the sub-limits for frames, lenses and contact lenses are very high.

  • Frames: $360 after 2 years
  • Single vision lenses: $370 after 2 years
  • Bifocal lenses: $400 after 2 years
  • Multifocal lenses: $560 after 2 years
  • Contact lenses: $900 after 2 years

It also covers Excimer laser eye surgery, with limits that grow over time up to a maximum lifetime limit of $2,700 after five years.

Other general features

Other notable features include the following:

  • 90% of serum and vaccine costs covered, with no limit
  • Up to $610 for health screening every three years and a separate $210 for non-Medicare mammograms every two years
  • Additional cover for a range of surgical and non-surgical prosthetic devices

Limitations and waiting periods

Most of the multi-year waiting periods commence the first time you make a claim for that specific service. Where there is a limit on the number of items or services that you can claim, it resets on 1 January each year.

The following waiting periods apply to your cover:

  • 12 months: Major dental, health aids, optical and laser eye surgery
  • 2 months: Most other services

Note that some items may have their own specific waiting periods, different to the ones above.

How to make a claim

You can generally just swipe your membership card at the time to pay for most services.

Alternatively, you can also make a claim online by sending in a form by mail, fax or email. You can also make a claim by using the RHBS app.

How to pay premiums

You can use the following methods to pay your premiums:

  • Payroll deduction: You can use this method if you are a current employee of the RBA or NPA or if you are receiving a pension from either of these.
  • Direct debit: You can fill out the payment-authority form to set up direct debits from your nominated bank account.
  • Credit card: You can call RBHS to make credit card payments.
  • Cheque: You can pay premiums by posting a cheque.

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Picture: Shutterstock

Andrew Munro

Andrew writes for finder.com, comparing products, writing guides and looking for new ways to help people make smart decisions. He's a fan of insurance, business news and cryptocurrency.

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