Tips to Maximize Your Health Benefits


Save Money on Healthcare by Utilizing Your Full Benefits


The hustle and bustle of December is in full swing, but with the cost of everything increasing at a crazy rate, now is a critical time to prioritize ways to maximize your health insurance before year end. Below we will discuss several ways to consider your health benefits and save on procedures and copays.


Preventative Care

Many insurance plans will pay for certain tests and procedures at no cost to you. Check your plan information and see what is covered that you or a family member may still be able to take advantage of without incurring out-of-pocket fees. Once identified, talk to your doctor and try to schedule these types of appointments before time runs out. Mammograms, routine exams, immunizations, and other preventative visits are among those often covered.


Deductibles

With eleven months of appointments under your belt, it’s likely you’ve met your deductible and out-of-pocket costs for certain procedures could be reduced or eliminated. The deductible clock resets on January 1, 2022, so if you have been thinking about an elective procedure, check to see how close you are to meeting your deductible for the calendar year and try to schedule it this month. Timing is key to saving you money on costly healthcare and dental procedures.


Out-Of-Pocket Maximums

Same with deductibles, many plans have out-of-pocket maximums. Go back to your benefit information and find out what your maximums are and where you stand towards reaching them. If they have been reached, many visits (and other things) could be paid 100% by your plan. Again, saving you money by scheduling now versus waiting until the new year.


Did You Take Advantage of Government Saving Plans?

Now is the time to double check on these. If you opted into any of theses, you probably considered many expenses not paid for by your medical insurance plan and estimated how much you would need for the year. It's possible you over estimated. Since some of these types of plans roll over into the new calendar year, and some of them do not, make sure to check each one carefully so you don't risk losing any of your hard earned dollars.


Flexible Spending Accounts (FSAs)

If you opted for an FSA the funds allocated must be used by the end of the year or you lose the remaining balance. If you have any funds remaining in your balance, find a way to use it before January 1st.

For a list of preventative screenings provided free of charge by most health plans, visit https://www.healthcare.gov/coverage/preventive-care-benefits/