Are You Taking Full Advantage of Your Health Plan Benefits?
11/7/2023
Check your deductible status and FSA balance to see if there’s money to be saved or used.
Patients not reviewing their health plan’s deductible requirements could be walking away from significant cost savings for their wallets. Most consumers pay significant premiums for their health insurance, but not everyone takes full advantage of the benefits of insurance coverage, especially once the annual deductible has been reached.
Health plan benefits for medical visits, screenings and procedures support a patient’s overall health. As the current plan year comes to an end, right now may be the best time for patients to address any outstanding medical needs and take advantage of paid-up deductibles or funds available in flexible spending accounts (FSA).
Most health insurance plans have a deductible requirement—a predetermined amount of healthcare expenses that must be paid out of 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 less once the deductible has been reached.
Patients should review their plans to see how close they are to their deductible, or if they’ve already met it. On January 1, you’ll be starting over at zero towards your deductible.
“Everyone should access the medical care and services that keep them healthy by using all of the benefits in the plan,” said Justin Serrano, chief executive officer of Santa Rosa Medical Center. “Many people probably have met their deductible by this point in the year, so it’s a good time to schedule any recommended procedures or medical visits before the deductible resets. Patients may save hundreds or even thousands of dollars, depending on what services are needed and if it’s obtained within this calendar year.”
The end of 2023 also affects individuals who have flexible spending accounts (FSAs) which are pre-tax dollars set aside primarily for health-related expenses. The Internal Revenue Service (IRS) requires those funds to be spent, or forfeited, by December 31.
“Money in your flexible spending account can be used for medical expenses through December 31, but no later,” said Serrano.
Health plans can vary in many ways, so learn how your plan works to get the most from your benefits.
To schedule an appointment with a primary care provider or request an appointment with a specialist, visit santarosamedicalgroup.com and click on “Make An Appointment”.
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