For members on a product with family limits, we’ve made some changes to how your annual limit rollover is displayed. These changes now show the maximum rollover limit each member can claim.
If you were eligible to receive an annual limit rollover, the previous amount shown would include the total remaining individual limit from the last financial year. This amount did not consider the family limit rollover, which is the maximum amount all members on a policy can claim. This means, rolled over annual limits can only be claimed where there is a family limit rollover available.
So what’s changed?
To make it simpler to understand what rolled over limits can actually be claimed, the annual limit rollover amount will show the lesser of either the individual rollover, or the family limit rollover. This is the maximum rollover limit that a member can claim.
In this example, the member had a $650 individual limit rollover, but only a $100 family limit rollover. Therefore the maximum rollover limit that can be claimed is $100.
Please understand that we have not changed the rollover limits you are eligible to claim, we've just hopefully made it a bit simpler to understand what the maximum claimable rollover limits are.
How do family limits work?
A family limit is the total amount that can be claimed by all members on your cover. If you have had both an individual limit rollover and a family limit rollover, you can only claim your individual limit rollover up to the family limit rollover amount. You will not be able to claim your individual limit rollover if there is no family limit rollover available.
What happens when I claim all my standard annual limits?
If you have claimed all of your standard annual limits, but also received an individual limit rollover, then you can still claim your rollover limits if there is a family limit rollover available.
Article last updated: 28 October 2020