As the end of the year is rapidly approaching, it is important to review your health insurance benefits to ensure you do not lose out on low-cost treatments. If you’ve already met your deductible, now is the perfect time to schedule an appointment for anything you have been putting off as medical costs are lower, and deductibles restart in January. At Jaffe Sports Medicine, we recommend reviewing the following items in your health insurance plan before the year is over.
Deductibles
Deductibles are the out-of-pocket costs determined by the insurance plan you chose. Once your deductible is met for the year, costs are either reduced or eliminated, making the cost of treatment much lower. If you’ve been thinking about an elective procedure or visiting Jaffe Sports Medicine an appointment, check to see if your deductible has been met and plan accordingly before the end of the year.
Out-of-pocket Maximums
If you have met your out-of-pocket maximum, all other costs will be met in full by your insurance. Assess your benefits to see what your out-of-pocket maximum amount is and if it has been met. It so, this is a great time to schedule any procedures or buy medications before the year is over.
Government Savings Plans
Savings plans such as health savings accounts (HSAs) or flexible spending accounts (FSAs) help pay for medical expenses not normally covered by insurance. HSAs are tax-free savings plans that do not have to be met in a calendar year. It can help you pay for deductibles, co-insurances and co-pays as well as prescriptions. FSAs are tax-free accounts that must be used in the current year, or you will lose any remaining money. Be sure you have checked the amounts in these types of accounts so that you know what will roll over from your HSA for next year, or what you have left to spend in your FSA so that you do not lose it.
Regardless of your plan, it is always good to be mindful of your benefits. December is a great month to “Use ‘em before you lose ‘em.” Call today to schedule doctor visits or procedures before the end of the year so they will be covered by insurance or at a lesser cost. To schedule an appointment with Jaffe Sports Medicine, visit jaffesportsmedicine.com/locations/ to make an appointment.
