With the new year coming, it is important to maximize your health insurance benefits. Read on to learn how you can take advantage of your deductible before the year ends.
What is a health insurance deductible?
A deductible is the amount you pay for covered health care services before your insurance plan starts to pay. Deductibles usually apply to purchasing treatment as well as medical devices and prescriptions. If your deductible is $1,500, you pay all of your expenses until you reach $1,500. After then, your insurance begins paying for additional costs.
Why You Should Take Advantage of Your Deductible Now
Most insurance plans have deductibles that reset at the end of each calendar year (December 31). At the start of the new year, you begin paying out of pocket again until you reach your deductible. Therefore, you should take advantage of your deductible now. November and December are the perfect months to schedule your medical appointments and order any nearing prescriptions before your deductible resets.
How do I know if I have hit my deductible?
To find out whether you have met your deductible, you can check with your health insurance company. Check your online insurance account, or call the member services number on the back of your health insurance card. These sources will be able to give you the status of your deductible.
Health Savings (HSA) and Flexible Savings (FSA) Accounts
Health Savings and Flexible Savings Accounts are set-aside funds for your medical expenses. If you have an FSA, the funds do not roll over to the next year. You should use FSA funds before they expire. HSA funds do not expire, but they can be helpful at the end of the year if you are close to meeting your deductible.
What You Should Do: Contact Memphis Vascular Center
Now is the time to take advantage of your end-of-the-year deductible. We serve the Memphis area from our center in Germantown. Schedule your services with Memphis Vascular Center today by giving us a call at 901-683-1890.