When New Year’s Day 2017 rolls around in a few short months, the slate will be wiped clean and everyone will gain a fresh start to another year. The clean slate also applies to health insurance deductibles and flexible savings accounts, so it’s important to take action now to maximize your benefits.
“Health insurance plans reward individuals who plan and manage their health care,” said Cheryl Gross, director of patient access for La Porte and Starke hospitals. “Health insurance plans typically begin paying for the majority—if not all—of your healthcare expenses once you’ve met your deductible. So if you have, or if you are close to reaching it, this is the ideal time to maximize your plan benefits and schedule appropriate appointments, testing and procedures. You may save hundreds or even thousands of dollars, depending on what healthcare you need, if you obtain it before the end of the year.”
Additionally, individuals who have a Flexible Spending Account (FSA) need to check their balance. The Internal Revenue Service requires these accounts, which hold pre-tax dollars set aside to pay for healthcare-related expenses, to be depleted by the end of the year or the money is forfeited. This adds another incentive to scheduling services now. “You use it, or lose it,” Gross said.
Taking some time to set-up appointments right now could save individuals and families a significant amount of money. The key is to obtain all the health services you need before December 31, when deductibles start over and FSAs are empty again. “Getting everything squared-away by early December will ensure the services you receive are considered part of your 2015 coverage and funds,” Gross said.
Examples of things people typically put off include an annual check-up, allergy testing, knee or other joint replacement surgeries, colonoscopy, mammograms, or lab work. Now is a good time to check with your primary care provider to see if you are due for any recommended screenings or procedures, get a referral for these tests, and schedule to have them done before the end of December.
If you have a referral for a test or procedure and you aren’t sure what your cost would be to have it at La Porte Hospital, Starke Hospital, or related outpatient facilities, you can contact a financial counselor toll free at (855) 400-2045. Counselors can also assist with helping individuals and families sign up for health insurance on the marketplace, or find financial assistance programs that will help them afford the healthcare services they need.