Austin-Area Family and Sports Medicines Team Offers Advice on Saving Money by Utilizing Health Insurance Benefits
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"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.
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 fulling 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 rollover, so it's important to utilize those contributions before they're gone. FSA dollars can be used for annual physicals, as co-payments for doctor visits, prescription refills, eyes exams and much more.
5. Deductibles – The deductible is the amount of money that a patient must pay their health provider out of pocket before the insurance company will pay for any services. This fee varies from one plan to another and could be higher if a patient chooses an out-of-network doctor. Deductibles also reset when plans roll over with a new year, so those who have met their deductibles for the current year should attempt to continue or finish treatment before the fees return.
6. Premiums – If a patient is paying his or her health insurance premiums every month, they should be using their benefits. Even if there are no signs of problems, patients should always have their annual checkups and exams as a measure of prevention and to detect any early signs of health issues that cannot be detected without a professional healthcare provider.
7. Health Problems Can Worsen – By delaying treatment or even a checkup, patients are risking more extensive and expensive treatment in the future. What may be a simple ailment now could turn into a much bigger and costlier health issue later.
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Medicine in Motion (MIM) specializes in providing top quality family medicine and treatment for sports injuries in
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