During the fall and as the holidays approach, it’s easy to forget to take advantage of your insurance benefits. Early October is a good time to review your outstanding health care needs and take full advantage of paid-up deductibles or available funds in Flexible Spending Accounts.

“In considering their health care needs, people should also consider the best strategy for using their available health insurance plan benefits,” said Kyle Swift, CEO of Woodland Heights. “Take advantage of unused benefits to complete outstanding treatments or recommended tests or procedures before the year ends.”

Most health insurance plans have a deductible requirement—a predetermined amount of healthcare expense that must be covered before the plan begins paying the majority of (if not all) remaining expenses. Swift says it’s crucial to know how close you are to meeting your deductible—or if you’ve already met it “because once you reach that threshold, you have a limited window of opportunity to obtain health care services and have the bulk of that expense covered by your plan. Remember: a new year brings a new deductible,” he says.

The close of 2018 also affects individuals who have Flexible Spending Accounts (FSAs)—which are pre-tax dollars set aside primarily for health-related expenses. The Internal Revenue Service requires those funds to be spent—or forfeited—by December 31. It’s a “use it or lose it” proposition, says Swift.

If you have been putting off scheduling care, such as an annual check-up, allergy testing, or knee-replacement surgery, it would be wise to check your deductible status and your FSA balance to see if there’s money to be saved, encourages Swift.

“It’s important to schedule services promptly so there is enough time to have the test or elective procedure done before the end of the year. Getting everything squared-away by early December will help ensure the services you receive are considered part of your 2018 coverage,” he says.

Every health plan is different. It is important to know how your plan works so you can get the most from your benefits.

Talk with your physician to see what you can get done before your deductibles start over. If you do not have a physician, visit WoodlandHeights.net. To schedule an appointment, call 936-637-8618.