Maximizing your health insurance benefits before the end of the year should be a priority for you and your family. Don’t give up extra benefits just because you are busy or have forgotten about these perks. Now is exactly the time to review what you are still entitled to.
Don’t Allow Your Planning To Go To Waste
With the cost of everything increasing at a crazy rate, don’t forget about the planning you did last year to take advantage of savings before the end of this year.
Preventative Care
Many plans pay for certain tests and preventative procedures with no cost to you. Schedule these before time runs out. Mammograms, routine exams, immunizations like the flu shot, and other preventative visits are among those to schedule now. Check your insurance information and see what you can still take advantage of without any out-of-pocket fees.
Deductibles
Out-of-pocket costs for certain procedures can be reduced or eliminated once you have met your deductible. On January 1, 2022 everything will reset and begin again. If you have been thinking about an elective procedure, check on how close you are to meeting your deductible for the calendar year.
Out-Of-Pocket Maximums
Look to see if you have already met your out-of-pocket maximums. If so, many visits and other things should be paid 100% by your plan.
Did You Take Advantage Of Government Saving Plans?
Now is the time to double check on these. You would have considered many expenses not paid for by your medical insurance plan and estimated how much you would need for the year.
For example:
Health Savings Accounts (HSAs)
This is a tax-free savings plan which helps you to pay for many medical expenses not normally covered by medical insurance. This stays with you, and there is no minimum or maximum which must be used in a calendar year. It can pay for current or future expenses like deductibles, co-insurance, prescriptions, vision, and dental care.
Flexible Spending Accounts (FSAs)
This type of tax-free account must be used within the current year or you lose the money you have remaining. This is an important one to focus on come the fall. The benefit of an FSA is you can use the money for a procedure even if the money is not yet in your FSA. You contribute an equal amount from each pay period throughout the year.
Laser vision correction is commonly used in an FSA. Some employers give a grace period to use an FSA, so check with your administrator if you are not sure.
Health Reimbursement Account (HRA)
If you are lucky enough to have an employer who provides an HRA, remember the account is only active as long as you remain with that company. It does roll over, but you might consider using the remainder in the account if you plan to change jobs in the near future.
Check with your employer about what funds you have remaining if you are not sure.
Call (704) 892-5454, or request a visit online, to make an appointment with Davidson Family Medicine for any remaining visits or preventative care screenings before the end of this year.
