Using Your Health Insurance Deductible to Help Your Wallet

Posted in General on August 13, 2018

a doctor filling out a medical invoice

As the summer comes to a close, it’s a great idea to check out the fine print in your health insurance policy.
Many policies contain what is called an annual maximum, and that is the highest amount of care your plan will cover per person in a single year. The annual maximum resets at the beginning of each year. At the opposite end of the spectrum, many plans have an out of pocket maximum. This means if you’ve already eclipsed your deductible and/or out of pocket maximum, and necessary procedures will be covered, often by as much as 100%. Either direction, this means NO cost to you (outside of your premium, of course).

Get The Most Out Of Your Insurance Policy

It’s always best to take care of these issues before the end of the year and to try and squeeze the most out of your insurance policy in any given year. If you do not hit your annual maximum or take advantage of your deductible by the end of the year, all the benefit from that money will be lost. In many cases, this is free or “paid for” money. Why not do everything you can to minimize your out of pocket costs? Have a flexible spending or health reimbursement account? Those can work for you too!

Next year, you or a family member who is your policy might need costly surgery that pushes you over your annual maximum. At that point, you’ll regret not getting the simpler issues-like spider and varicose veins-taken care of before the end of the year. There’s no point in paying for benefits if you’re not utilizing them to the utmost extent.

If you have already had various medical treatments this calendar year, then you might have met your deductible, which means you won’t have any more money out of pocket to spend for dental care. Of course, this varies from plan to plan. But it’s surely another good reason to schedule your vein screening before the end of the year.

varicose veins in a woman's leg

If you have varicose veins or are suffering from tired, achy, heavy-feeling legs, and you’ve been putting off a visit with a vascular surgeon, it might be time to get these issues addressed. Aside from the monthly free vein screenings, Dr. Peter Ford MD of Vascular Solutions also offers cosmetic consultations and comprehensive evaluations.

Don’t Put It Off

Often, waiting to get treatment could lead to more costly and complicated treatments and procedures. If you don’t address the smaller, underlying problems now, they have the potential to be serious in the not-too-distant future. In rare cases, delaying treatment for varicose veins could turn into something far more serious, like deep vein thrombosis.

varicose veins in a man's ankle

And finally, another great reason to schedule a vascular screening before the end of the year is that your current policy may include changes for next year, such as a higher deductible or a lower annual maximum. You have the health insurance benefits – don’t waste them by not using them!


by: Peter Ford MD

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