We are getting close to the busiest time of the year – the holidays! Time can quickly get away from us with all the to-dos we put on our schedules. But, as you make the most of the upcoming holiday season, it’s important you don’t forget about your healthcare benefits, too.
Now is the time to ensure you maximize your medical insurance benefits. The annual deductible you’ve been paying on all year is about to reset on January 1 and your Flexible Spending Account (FSA) most likely will not rollover to the next year, and you may lose that money altogether.
Maximizing your health insurance benefits before the end of the year should be a priority for you and your family. Don’t give up extra benefits just because you are busy or have forgotten about these perks.
Now, more than ever, it’s important to understand your insurance benefits and take advantage of your benefits. Here are some key terms that you should understand.
Deductibles & Co-Pays
Out-of-pocket costs for certain procedures can be reduced or eliminated once you have met your deductible. A deductible is a set amount of money that you’re required to pay each year toward your medical expenses. This is before your insurance policy starts to cover your bills. On January 1, 2022 everything will reset and begin again. If you have been thinking about an elective procedure or simply delaying a medical procedure, check on how close you are to meeting your deductible for the calendar year. Co-pays also vary by the type of service. A routine visit may cost you a $20 co-pay while a visit to the ER costs $200. Again, this also varies according to whether the provider is in or out of network with your insurance company.
In-network vs. out-of-network
Looking for in-network providers can help reduce your cost as these providers contract with the insurance companies at lower rates. Out-of-network rates can be much higher or services may not be covered at all if the service provider is not considered in-network.
Government Saving Plans
A Flexible Spending Account (FSA) is a type of tax-free account that must be used within the current year or you lose the money you have remaining. The benefit of an FSA is that you can use the money for a procedure even if the money is not yet in your FSA. You contribute an equal amount from each pay period throughout the year. Unlike Health Savings Accounts, or HSAs, which allow you to roll over pretax dollar savings from one year to the next, FSAs do not. Typically, you need to fully spend the account by year’s end or you’ll lose the money left over. Check with your employer about what funds you have remaining if you are not sure.
Keep your wellness in check as it is important to resupply your compression therapy, orthopedic and foot care products on a regular basis to maintain optimal therapy. Contact your medi®️ supplier to maximize the 2021 insurance benefits that are available to you.
With insurance coverages varying from state to state and even within insurance plans, we are here to help you get your garments covered as a benefit. How, you may ask? Connect with the medi dealer network and we can be your connection guru aka your resource for patient garment coverage.
Take care of yourself and your health!