Are You Taking Full Advantage of Your Health Plan Benefits?
11/2/2023
Most people pay significant premiums for their health insurance, but not everyone takes full advantage of the benefits of their insurance coverage, especially once the annual deductible has been reached.
Using health plan benefits for medical visits, screenings and procedures is the best way to support overall health. And, as 2023 to an end, right now may be the best time to address any outstanding medical needs, by taking advantage of paid-up deductibles or funds available in flexible spending account (FSA).
Most health insurance plans have a deductible requirement—a predetermined amount of healthcare expense that individuals must cover out of their own pockets before the plan begins paying the majority of (if not all) remaining expenses. Procedures such as mammograms and other diagnostic imaging studies, colonoscopies, surgeries like joint replacements and hernia repairs, vision care, and physical therapy may cost less if your deductible has been reached.
We encourage everyone with health insurance to see how close they are to meeting their deductible, or if it has already been met, because once the threshold is met, plans typically cover the expense for most additional health care services received before year end. On January 1, plans start over with zero dollars towards your deductible.
“Everyone should access the medical care and services that keep them healthy by using all of the benefits in their plan,” said Kelly Credit, spokesperson for Northwest Health. “Since many people have met their deductible by this point in the year, it’s a good time to schedule any recommended procedures or medical visits before the deductible resets. People may save hundreds or even thousands of dollars, depending on what healthcare they need, if it’s obtained within this calendar year.”
The end of 2023 also affects individuals who have flexible spending accounts (FSAs) which are pre-tax dollars set aside primarily for health-related expenses. The Internal Revenue Service requires those funds to be spent, or forfeited, by December 31.
“Money in a flexible spending account is there to use for medical expenses through December 31, but no later,” said Credit. “We encourage everyone to schedule their appointments so there is enough time to have the test or elective procedure done before the end of the year. Getting everything squared-away by mid-December means the services you receive are considered part of your 2023 coverage.”
Health plans can vary in many ways, so learn how your plan works to get the most from your benefits.
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