Using your health insurance before the end of the year should be a priority for you and your family. Most health insurance plans renew at beginning of the year so now is the time to set yourself up for a healthy New Year.
Deductibles
Out-of-pocket costs for certain procedures can be reduced or eliminated once you have met your deductible. On January 1, 2023 Deductibles 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.
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.
Out of pocekt costs
Check your out of pocket costs. If you have hit your maximum out of pocket costs, many of your visits will be covered at 100%.
Government savings plans
If you are using a government savings plan to take advantage of the tax benefits, check your accounts to see if you have money saved to pay for your medical needs. Here are the different plans and their benefits.
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. 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.
So, if you have been holding off on taking care of an injury or health concern, now is the time to use your health insurance benefits. Our health insurance verification team can help you find out what your physical therapy benefits are and get you scheduled for your physical therapy appointments. Call 480-785-5415 to learn more.