The countdown consuming most people right now is the one to Christmas. It’s 4½ weeks and going to – almost unavoidably – cost you.

But the countdown that savvy health fund members are engaged in is the one to New Year’s Day, the date most policies zero out your unused allowances – and with some careful planning, it can instead save you a bucketload.

And this year it couldn’t be more apt, with forecasts that the next April 1 premium rise may be the biggest in years, at circa 4 per cent – thanks to health inflation.

Here are the five ways I intend to claim more than $700 back on my extras before the end of the year.

1. “Eye” on the prize: I went into my optometrist with a big fat scratch on my glasses, right in the middle, five months ago and asked for the lenses only to be replaced. “That will be $700,” she said. Seven hundred dollars!

I politely replied, “no thank you – I’ll wait until January 1”, and walked straight out. But if you have not used your optical allowance for each member of the family who needs it, think about what you can do to mop up every last cent.

I claim every cent back each year in payouts that I pay in premiums – making my health insurance effectively free.

This is particularly relevant for family members who wear contact lenses and may be able to stock up in advance.

Note that some funds operate two-year allowances on optical, which means last year’s glasses purchase might count you out. But with Black Friday sales happening as well, new glasses may be far more affordable than you think.

2. “Chew” it over: One of the enormous benefits of private health insurance is often free dental cleans and checks for every family member – twice a year.

So, if you haven’t used all your entitlements, you have no time to lose to book in before, probably, the Christmas and New Year shutdown. Remember, the entire reason that health funds do this is to head off larger problems before they take – possibly literally – root.

Prevention is always far cheaper than a cure. And though I’m always a big fan of staying on top of the innovative, inexpensive new product types to see if you can “switch to save”, be aware that health funds often offer long-term loyalty bonuses for orthodontic work.

So be wary of changing funds if your kids are coming into braces/plates era.

3. Find your (body) balance: Life is busy and we are heading into a patch that is particularly so. Do yourself a favour and sort your muscles out in advance of the season.

Those niggling aches and pains in your back/neck/shoulders/knees? Physio, chiro or even just remedial massage could make the world of difference – and should be claimable up to a point. If you haven’t reached that point, do yourself a (cut-price) favour.

It’s not really on the up and up but also see if, on the down low, your favourite local health-fund-registered massage therapy centre will let you claim in advance for a gift voucher for one of the listed members on your card. And there’s a discounted Christmas present!

4. Paddle faster: I don’t mean this in the “work harder” sense, but in the little-known ability under many extras policies to claim a portion of the price of kids’ swimming lessons.

This might be capped at $200 per child, and have a, say, $400 per family annual limit. If you don’t have children, or no longer have to pay for swimming lessons, however …

5. Pump iron harder: Usually in the same bucket of funds as above, called something like “health management” or the like, will be the ability to claim the same amount per person (perhaps $200), with the same annual card cap (maybe $400), for gym membership.

Yes, it’s true. However, there is an important qualification criteria … you need to be a little bit injured. Your health fund will offer a form similar to an “exercise and gym benefits authorisation and claim”.

If you’ve had recurring injuries or are indeed recovering from one, take this to your doctor and see if they deign that you need the gym membership as part of your recovery. If they sign the form, you get the refund.

Of course, both of the above potential claims rely on you having the appropriately 2025-dated invoices to hand.

Final word: Every year, I claim back in payouts every cent that I pay in premiums – making my health insurance effectively free. Yes, you have less than six weeks to do it.

But that is plenty of time to recoup the significant annual health fund cost. Get calling, booking and ordering today.

Nicole Pedersen-McKinnon is author of How to Get Mortgage-Free Like Me, available at www.nicolessmartmoney.com. Follow Nicole on Facebook, X and Instagram.

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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