End-of-Year Checklist: Deductibles, Flex Spending Deadlines

12/22/2015

WILKES-BARRE, Pa. (Dec. 23, 2015) -- During the fall and winter months it’s easy to get caught up in holiday planning and forget to take advantage of your insurance benefits.  Every October, individuals should direct their attention to outstanding health care needs and take full advantage of paid-up deductibles or available funds in Flexible Spending Accounts.
 
Most health insurance plans have a deductible requirement—a predetermined amount of health care expense that must be covered before the plan begins paying the majority of (if not all) remaining expenses. It is crucial to know how close you are to meeting your deductible—or if you’ve already met it “because once you reach that threshold, you have a limited window of opportunity to obtain health care services and have the bulk of that expense covered by your plan.  Remember: a new year brings a new deductible.

The close of 2015 also affects individuals who have Flexible Spending Accounts (FSAs)—which are pre-tax dollars set aside primarily for health-related expenses.

If you have been putting off scheduling care, such as an annual checkup, allergy testing, or knee-replacement surgery, it would be wise to check your deductible status and your FSA balance to see if there’s money to be saved.

Every health plan is different.  It is important to know how your plan works so you can get the most from your benefits.