How you can claim a possible $3000 before New Year

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Your to-do list is likely long at this time of year – and presents are probably at the top – but there’s something to add to it that could score you multiple gifts before December 31… for no or low cost.

Private health extras allowances typically expire on December 31 – as in, if you don’t use them, you lose them. And there’s even more on offer this year than most.

Claiming as many private health extras as you can before Jan 1 can help cut down your end of year costs.

Listen up for your more pressing – big-paying instead of big spending – priorities.

Up to $1000 on dental: Many health funds give you two cleans and checks (including annual X-rays) a year, for every person on the policy.

That often saves $250 a pop – so $1000 for a family of four – but miss this year’s visits and push it into next year, and you usually lose that money and peace of mind.

There will also usually be a $500 or so per person limit for general dental, if you end up needing fillings (and more for major dental). Of course, bookings will be scarce so get onto it.

Competition for your health cover dollar is fierce… and there are all sorts of bonuses to lure you.

Up to $1000 on optical: There might be $500 allocated per person but in the past, getting glasses could still be costly. You were often covered for this much of that and that much of this… and wore bits of shortfalls everywhere.

Firstly, if there are buy-one, get-one-half-price deals, at this time of year you might be able to partake – if an optometrist can order and process the second payment when you collect them after new year and after new 2024 private health allowances kick in. Two new pairs!

Potentially better still, many funds now offer 100 per cent back through affiliated companies… these no-gap suppliers will be listed on your health fund’s website. (In my family, three of the four of us wear glasses, so it’s a big win.)

Up to $400 on health: A bucket of claims money named “health management” or some such allows anyone with a bit of an injury or medical condition to claim gym membership. All you need do is get a GP (or sometimes osteopath, physiotherapist, chiropractor, etcetera) to sign a form – it will be on your provider’s website – saying it is medically necessary.

You will often be able to claim $200 per person. If you are in the throes of kids swimming lessons, this same allowance can sometimes be used to claim $200 per child per year.

It can top out at a cumulative $400 per policy; you just need to submit the receipts to claim.

Mop up several hundred dollars of unused chiropractic and osteopath treatments: If you are injured or feeling the stresses of the silly season in your muscles, don’t forget any unused chiro, osteo and physio limits… and possibly even just remedial massage. A treatment or two of any or all could give you relief.

Some funds have a separate bucket for osteo and chiro – say $1200 – and another possibly $1200 for physio.

Update your details for cashback: With money tight for everyone, health insurance is on the chopping block in some families.

That means funds are striving hard to secure your loyalty – sometimes we are even talking cold hard cash… indeed, your fund could be on giveaway number two.

Partly due to the lower claims during COVID, many have been returning some surplus premiums to members – it could be as much as a bonus of $400. But your bank details need to be correct to receive it. Check.

Load up on gift cards to save on Christmas: Another common way funds are seeking to keep members sweet is to offer discounts on gift cards for all sorts of partners – think movies and shopping, all the way through to essentials.

One large fund claims you can save $900 a year. In any case, you can use your health cover to cut the cost of Christmas.

If that all fails, up stumps: Competition for your health cover dollar is fierce… and there are all sorts of bonuses to lure you.

Remember, if you ditch and switch a not-generous-enough fund, you do not have to re-serve any waiting periods. And you might well get the equivalent of January’s premium free.

Nicole Pedersen-McKinnon is the author of How to Get Mortgage-Free Like Me. Follow Nicole on Facebook, Twitter or 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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