Tuesday, 20 December 2011
Take Advantage Of Health Insurance Benefits Before The Year Ends
With the current year quickly coming to an end it’s a good time to check out your health insurance plans to make sure you use them to your advantage. This is because many individual and employer-sponsored health care policies reset themselves on January 1 and annual deductibles and certain benefits will be set back to square one.
Some policies cover yearly physicals with no or little out-of-pocket expense and vision or dental coverage often allows for annual or biennial benefits such as eye glasses and contact lenses. You could be eligible for these benefits before the year ends and if you are, it’s a good idea to use them up instead of losing them.
In addition, a lot of health care plans reset the deductible at the start of a new year. If you've paid your yearly deductible already you may want to send claims before year end as they’ll result in lower out-of-pocket expenses to you. If you figure you’ll have a lot of expenses next year you may want to send in your claims early in the year to pay your deductible as quickly as possible.
If you’ve paid a lot toward the deductible during the final three months of a year some insurance companies may allow you to use these fourth-quarter payments to roll over and be counted toward next year’s deductible. However, be aware that the money in the majority of employer-sponsored FSAs (Flexible Spending Accounts) won’t roll over from one year to the next. If you have any money left in an FSA you should use it up before the new year arrives.
You need to be aware of any rate changes in the coming year as well. If insurers are changing your rates or benefits they should notify you well in advance. Keep your eye out for any correspondence from your insurance company and make sure you open any mail or e-mail from them before throwing it out.
Some insurance companies also offer discounts and deals on national or local health club memberships. It’s a good idea to check and see if you’re eligible for any discounts. This will enable you to kick off the new year in a healthy manner as well as save you some money.
