Most insurance plans run on a calendar year, so now is the time to use-them or lose-them. You’ve worked hard for your health care benefits – make sure you take advantage of them.
AUSTIN, Texas (PRWEB)
November 15, 2017
The Austin-area sports medicine team at Medicine in Motion is reminding patients that as the New Year approaches, it’s time to pull out the health care plan paperwork to review coverage and assess how many unused insurance benefits remains. Whether it was a self-purchased plan or sponsored by an employer, most people can benefit by taking a few minutes for an insurance plan evaluation.
“With the holidays upon us, it’s easy to forget to take advantage of your annual benefits, but patients can save hundreds of dollars by using their health insurance benefits before the end of the year,” said Dr. Martha Pyron, owner of Medicine in Motion. “Most insurance plans run on a calendar year, so now is the time to use-them or lose-them. You’ve worked hard for your health care benefits – make sure you take advantage of them.”
Here is a look at eight points to remember for saving money in conjunction with health insurance:
1. Annual Benefits – Any benefits with a calendar limit should be taken advantage of before the end of the year. These may include certain types of checkups and preventative health services.
2. Disappearing Benefits – Carefully read through the insurance information provided by the employer and/or insurance company after enrolling to see if any benefits are changing with the New Year. If some are being reduced or outright eliminated, get the most of the current coverage before treatment costs go up.
3. Health Savings Accounts (HSA) – An HSA is a medical savings account available to those who are enrolled in a high-deductible health plan. Funds contributed to an HSA aren’t subject to income tax at the time of deposit. A contributor can maximize tax savings by fully funding their HSA account. Unused HSA funds will rollover and continue to grow each year.
4. Flexible Spending Accounts (FSA) – This is an account established through employers for employees to place some of their pre-tax dollars into. Unlike HSA funds, unspent FSA money will NOT…