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The last several months of the year are often spent enjoying cooler weather, watching football and preparing for the holidays. This is also a great time to review your health plan to determine whether you’ve met or are close to meeting your insurance deductible. If you have a Flexible Spending Account (FSA), it’s time to check the balance for the remainder of the year.
Scheduling elective procedures and preventive screenings before the end of the year can help to maximize your healthcare dollars.
Most insurance plans require patients to pay more until they reach the amount of the deductible. When the deductible is met, the insurer begins paying a larger portion of the cost of services eligible through in-network providers. FSAs are typically “use-it-or-lose-it,” meaning funds have to be used for eligible healthcare expenses by the end of the year. These end of year deadlines make the second half of the year an opportune time to schedule medical procedures and screenings.
“Scheduling elective procedures – such as diagnostic tests or elective surgeries like joint replacement – in the same calendar year after a deductible has been met helps patients get the most value out of their health insurance plan, while taking care of their health,” said Charles Josey, chief financial officer of Lutheran Kosciusko Hospital. “Utilizing remaining FSA funds can also help to cover any out of pocket costs and ensure you don’t forfeit dollars that you’ve already set aside for healthcare.”
Preventive health services – such as screening mammograms, colonoscopies and annual wellness visits – are often covered by insurance even when a deductible hasn’t been met. FSAs typically cover a broad range of services including screenings, diagnostic services and office visits. Patrick Ilada, M.D., said routine preventive care is key to maintaining health and longevity.
“Even individuals who feel great should stay up to date on all recommended preventive health screenings to help identify any potential health issues or risk factors early,” said Ilada. “Early detection of many health issues such as high cholesterol or hypertension not only allows for more effective treatment, it can also reduce the need for more expensive treatments associated with advanced medical conditions.”
