End of Year Deductible

The security that comes with having health insurance is priceless, but that doesn’t mean you don’t feel the pinch in your pocketbook. The Bureau of Labor Statistics estimates that the average household spent $4,290 on healthcare expenses in 2014, making it the fourth largest household expense after food, clothing, shelter and transportation. With all the money you put towards healthcare, doesn’t it make sense to maximize savings whenever you get the opportunity?

Most insurance policies have an annual deductible, a set amount of money you are required to pay for medical expenses before your insurance benefits go into effect. Your deductible starts at zero at the beginning of each year, and all expenses from your in-network office visits, tests, procedures and prescriptions will be applied towards your deductible until it has been reached. At this point, your insurance begins to cover a portion of your medical expenses.

If you are close to reaching your annual deductible, or if it has already been met, you can maximize your health benefits by scheduling any necessary medical appointments before the end of the year. Your insurance company will cover a portion of your expenses, and you could end up paying little or no money out-of-pocket! Some appointments you might choose to schedule include:

  • Colonoscopy
  • Upper endoscopy
  • Lab work
  • Surgery
  • Specialty office visits (Dermatologist, cardiologist, gastroenterologist, etc.)
  • Physical therapy
  • Occupational therapy

This is also a great time to schedule your prescription refills before the end of the year. Once your policy renews in January, you will begin paying towards your new annual deductible, and your out-of-pocket expenses will be much higher.

You’ve paid those monthly premiums all year long. Isn’t it time you got something back? Take advantage of this opportunity to enjoy maximum savings on your healthcare expenses and schedule your appointments today!

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