Are You Taking Full Advantage of Your Health Plan Benefits?
11/8/2023
Check your deductible status and FSA balance to see if there’s money to be saved or used
TUCSON, AZ (Nov. 8, 2023) – Using your health plan benefits for medical visits, screenings and procedures is a great way to support your overall health. Most people pay significant premiums for their health insurance, but not everyone takes full advantage of their insurance benefits – especially once they meet their annual deductible requirement.
A deductible requirement is a predetermined amount of healthcare expense that you must cover out of your own pocket 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 you less if you have reached your deductible.
Review your plan to see how close you are to meeting your deductible, or if you’ve already met it – because once you do, your plan may cover the expense for most additional healthcare services you receive before year’s end. On January 1, 2024, you’ll be starting over at zero when your deductible resets.
So, as 2023 comes to an end, now may be the best time to address any outstanding medical needs by taking advantage of paid-up deductibles or funds available in your flexible spending account, or FSA.
“I encourage everyone to access the medical care and services that keep you healthy by using all the benefits in your plan,” said Brian Sinotte, FACHE, market CEO of Northwest Healthcare. “You may save hundreds or even thousands of dollars, depending on what healthcare you need, if you receive it within this calendar year.”
The end of 2023 also affects people who have 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 your flexible spending account is yours to use for medical expenses through December 31, but no later,” said Sinotte. “Try to schedule your appointments so there is enough time to have any test or elective procedure you need completed before the end of the year. Getting everything squared away by early December means the services you receive are considered part of your 2023 coverage.”
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