Deductibles are Going Up – Save Big By Using Your Health Insurance Now
The summer is over and that means we are three quarters of the way through the year. With careful planning, you can save big bucks on healthcare costs.
With the way prices are rising, you might wonder “How’s that?”
It’s how insurance works. Once your medical costs have reached a certain amount (your deductible), your insurance pays most or all of your healthcare costs.
If you have met your deductible, you want to take advantage of that before your deductible resets. That means making your doctor’s appointments now before your policy renews.
Many deductibles are going up – again!
With many deductibles going up, it gets harder and harder to reach that limit. It also means more and more money comes out of your pocket.
Some insurance companies are increasing their deductibles to $5000 for next year! That means that before your insurance company spends one penny, you have to spend $5000 (that’s in addition to what you pay each month for your policy).
Don’t assume your insurance renews on January 1
You should also find out when your new insurance kicks in. Since not all insurances reset on January 1, you may have a new deductible as early as November 1.
Why Use Your Health Benefits Now:
- Your deductible may be higher by thousands of dollars
- Your benefits may not be as good next year as they are now
- Your copays could be going up next year
If you have met your deductible for this year, medical care is usually covered by a small copay or percentage. If you have met your out-of-pocket maximum, then 100% of your medical costs are covered.
How do I know if I have a deductible?
Some insurance companies will print the deductible or a copay on the front of your card. You should call the insurance company to find out what your deductible is and how much has been met.
If you are turning 65 soon, you might also want to use your insurance now before Medicare kicks in. Medicare has a $147 deductible per calendar year and a 20% copay. That means if you start medicare November 1 2015, you will have a deductible for those 2 months in 2015 and then a new deductible for January 2016.
Do you wear orthotics or diabetic shoes?
Replacing worn orthotics, worn braces, or worn diabetic shoes are essential in preventing foot problems – and could cost you much less if you replace them now instead of next year. If you are allowed 1 per year you might want to get them before the end of the year.
How else can I save?
Save even more by treating problems sooner, which can usually be treated with less visits.
Problems like warts, ingrown toenails, heel pain, usually do not go away on their own. This can lead to bigger problems down the road. Why take the chance that a possible condition right now could turn into something much more serious? Keep in mind that simple maintenance can help avoid future costly complications.
With best wishes for continued good health,
by David J Schlam, D.P.M., F.A.C.F.A.S.