You may already be starting to stress over Open Enrollment, but don’t forget … there are only a little over three months left in the year. Have you taken a final look at your health insurance and particularly your health insurance deductible lately? If you’ve been using your health insurance throughout the year and have hit your health insurance deductible, now is the perfect time to start scheduling any last minute healthcare expenses in which would usually otherwise be swallowed by your deductible.
Your health insurance deductible is the amount of money that you need to spend on your healthcare before your health insurance kicks in. So for example, if you have health insurance with a $500 deductible, you are responsible for $500 worth of healthcare expenses every year before your health insurance will start paying out. However, your healthcare expenses go down a lot once you hit your health insurance deductible, so if you have hit your deductible, think very carefully on whether there is anything else you may need which is usually subject to the deductible.
Don’t forget, though, that even if you have hit your health insurance deductible, you will still be subject to copays and coinsurance. So for example, even if you have used up your $1,000 deductible, if you schedule a doctor’s visit before the end of the year, you will still have to pay your copay or coinsurance on the visit. Still, it’s probably a lot cheaper than waiting until January 1st, when you would have to start paying off your deductible all over again.
A lot of doctors take the holidays off and it usually takes your doctor’s office some time to fit you in for an appointment, so now is the perfect time to call if you’d like to take advantage of your health insurance and schedule something before the end of the year.
December 31st is just around the corner! Have you already used up your health insurance deductible? Tell us about it!
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