Just like that another year is coming to an end. It’s December and before you settle down for the holidays, you need to make a list of to-do’s. Are doctor’s appointments on that list? Most insurance plans run on the calendar year, meaning that soon your deductible will reset to zero. If you have met, or almost met, your deductible it is smart to complete tests, screenings or procedures before the year ends. We’ve clarified some common health insurance questions and provided tips for calendar year deductibles.
What are deductibles?
Deductibles, copayments and coinsurance refer to the covered costs for which your health insurance plan pays. Your deductible is the amount you’ll pay for certain services before your plan coverage kicks in. Regardless of meeting your deductible, you’ll pay a specified, usually minimal copayment for each medical service you receive. Coinsurance refers to the percentage of total medical costs you will pay once your deductible is met.
Most insurance plans have deductibles that reset to $0 at the beginning of every calendar year. In order to maximize your health plan this year, scheduling appointments will help save money in the long run.
If you have met (or almost) met your deductible, scheduling appointments and completing tests is a good way to save money in the future. Why put off something until next year when your insurance company will start paying the claims after your deductible is met? Here are some examples of things to consider getting done before January:
- Lab work
- Diagnostic testing
- Outpatient surgery
- Prescription refills
If you are not close to meeting your deductible it makes sense to delay health care expenses until after January 1st. Money spent now that will not put you above your deductible will essentially be lost after your plan resets in the new year.
If you find that every year you come close to meeting your deductible but never do, you may be tempted to find a plan with a lower deductible so that you can pay less out of pocket. However, be aware that premiums for lower-deductible plans might be higher than you would end up saving. It’s also important to note that qualified preventative services are covered at 100% and you will not need to pay anything out-of-pocket.
Navigating health insurance can be confusing, but there are plenty of resources available to help guide you through everything you need to know.
At Northeast Digestive, your health and wellness are our main concerns and we are here to help you live a healthier life. From heartburn to colonoscopies, our team is dedicated to helping solve your digestive issues. We provide a full range of services and procedures to diagnose and treat a variety of digestive conditions and diseases. We participate in most of the insurance products from a wide range of insurance carriers and are happy to answer any insurance questions you may have. Need to schedule an appointment? Visit our website or call (704)783-1840 for more information.