Here’s some year end tips to help you get the most out of your health insurance:
- Take advantage of your covered preventative services. Be sure to get your annual physical and for women your mammograms. If you have vision and dental insurance get your eye exam and teeth cleaning.
- If you need a non-emergency procedure and are not close to hitting your deductible, wait until next year. The reason for doing it this way is you could meet your deductible within the first few months of the year, then have the rest of your medical expenses paid for by your insurance.
- If you’ve reached your deductible for the year already, get an estimate for the cost of any procedures you need done and see if it makes sense to do it now. You may still have an out of pocket max to reach until all your expenses are covered. Also, even if you’ve reached your out of pocket max it doesn’t mean all medical expenses are covered. Be sure to check your policy first.
- If you’ve reached your out of pocket max for the year and the procedure or expense is covered, get it done before the end of year. Tell your doctor about your situation and ask if there is any needed follow-up care that can be booked and billed prior to the end of the year.
- Book your procedures asap because many people wait until the end of year for last minute procedures. If you are not able to confirm a booking, ask to be put on the cancellation list.
- Be sure to keep all your receipts and check with your tax accountant if any of your medical expenses are tax deductible.
- If you have an FSA (Flexible Spending Account), the money you have in there goes away if you don’t use it by the end of the year in most cases, so now is the time to use it. If you have money in your FSA account and don’t have any expected medical expenses, here are a few ideas; refill prescriptions, hearing tests, dental work, an extra pair of glasses or contacts, or possibly an alternative treatment like chiropractic or acupuncture.