It’s hard to believe that another year is coming to a close. If you’re like me, time rushes by and seems to pick up speed each year. But as we near the end of 2016, there are some important things to check regarding your health insurance. Here are a few year-end health insurance tips.
Do You Have the Right Health Insurance Coverage?
Review your health insurance plans and coverage first to make sure that they cover all your key requirements. Things have no doubt changed over the past year and you need to make sure your coverage lines up with what you require today and into the new year.
Annual Deductible—Have You Met it?
Deductibles are typically lined up with the calendar year. As the year-end approaches you may well have met your deductible, but it will reset to zero on January 1. Now’s the time to get that exam or prescription with lower out-of-pocket costs before year-end.
Out-of-Pocket Limit—Did You Reach It?
It’s usually pretty difficult to reach your out-of-pocket limit. But if you have, you want to make sure you take full advantage of the situation by the end of the year. That’s because for most policies your insurance will cover 100% of your expenses up to a certain limit. But it resets at the end of the year.
Flexible Spending Account—Use It or Lose It
If you have a flexible spending account, where you contributed pre-tax money to cover medical expenditures, check the balance. Some accounts allow a rollover to the next year or a grace period. Otherwise, you lose those funds as they expire. Make sure you submit claims now.
Health Savings Accounts—Maximize Your Tax Savings
On the other hand, health savings accounts do not expire. Instead funds roll over from one year to the next. But there is a maximum contribution each year. Make sure you're funding your HSA to the maximum amount for the year and keep building your savings year after year.
Annual Vision Exam and Prescription—Now’s the Time
Your vision coverage typically allows for new hardware, glasses or contacts, each or every other calendar year, as well as an annual exam. Did you take advantage of those benefits in 2016? If not, now is the time to stop by our office for an exam, new prescription, and new glasses or contacts.
Give us a call at 972-612-2099 to find out if your insurance provider is accepted at our office, or any other questions you might have, and let’s make it happen before the end of the year.
Disclaimer: The content on this blog is not intended to be a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of qualified health providers with questions you may have regarding medical conditions.