Maximize Your Health Insurance Benefits Before Year-End
Updated: Nov 27, 2018
When the clock strikes 12 midnight on December 31st, besides singing along to Auld Lang Syne and toasting to your loved ones; do you know that your medical insurance will also be reset?
Every year on January 1st, the annual deductible you have been trying to meet all year long will reset. This is true unless your company has a contract year policy, which resets on the renewal date of your company's contract.
To understand what all of this means, let me first explain what an insurance deductible is. A deductible is an agreed amount of money that you are required to pay for your medical expenses before your insurance policy starts covering the bills. Once you have reached your annual deductible, you are then only responsible for a co-pay or co-insurance for eligible medical visits. As deductibles become more expensive in recent years, they become more difficult to meet. So if you have met your deductible for this year, now is a good time to schedule any appointments you have been putting off.
Many people schedule appointments in the new year and are surprised to find out they owe hundreds or thousands of dollars to meet their annual deductible. The same treatments could have been covered by their policy if they had made their appointment just a few weeks earlier in December.
Similarly, if you have a Flexible Spending Account (FSA) that allows you to contribute pretax dollars and use towards qualifying health expenses; it will either not roll over or has a carryover cap of $500, depending on your company's specific rules. It is wise to check your balance now, find out the carryover regulations if any, and use it towards any medical expenses or to help you reach your deductible if it has not been met yet.
If you are the lucky ones with acupuncture coverage under your plan, now is the time to ensure you maximize your benefits before you lose them. While treatment is never dictated by insurance, if you have nagging pain that resurfaced or any new health concerns, this is the time to reach out to me and schedule follow-up appointments.
At Hima Acupuncture, it is my goal to be your partner in health, and help you achieve optimum well-being for life. Here is to a magical 2019 and excellence in health!