Maximizing Insurance Benefits
Date Published: October 10th, 2017
The holiday season is right around the corner and as your calendar fills up with obligations, don’t forget about scheduling your end-of-year medical and dental appointments. Here’s how to take advantage of your annual insurance benefits:
Get Treatment Before Your Annual Deductible Resets
Your deductible is the amount of money you pay out of your own pocket before insurance will pay. If you’ve used your insurance at all this year, you’ve probably made some progress towards meeting that deductible. In fact, you may have already met it completely. You’ll pay less out-of-pocket on covered appointments and procedures if your deductible has been met.
Use Up Your Annual Maximums
Once you reach your annual maximum, which is a limit on how much your insurance will pay for the year, you’ll have to pay for any further treatments out-of-pocket. Plan ahead and take care of preventive appointments while you’re still under your maximum. Next year you might want to use the money for other treatments, tests, etc.
Use Up Your FSA Contributions
Another good reason to take care of medical and dental work now is to spend any remaining balance in your flexible spending account (FSA). These accounts are established through your employer – you can elect to put some of your pre-tax pay into it. If you don’t use all of your FSA contributions by the end of the year, you lose them!
Take Advantage of Benefits That Will Disappear or Be Reduced in 2018
Read the packet of information your employer will give you during open enrollment. Carefully review your new insurance benefits to see if any are being cut or reduced. If so, and if you will be affected by the changes, get the most out of your coverage now before the cost of your treatment goes up.
If you have any questions please call our office at (206) 525-1168. We recommend scheduling now for an appointment before December 31st. Our schedules are filling up fast!