End of Year Deductible

After food, clothing, shelter and transportation, can you guess the largest household expenditure? If you guessed healthcare, you’re right on the money! The Bureau of Labor Statistics estimates that the average household spent $4,290 on healthcare expenses in 2014. With the cost of healthcare rising at a faster rate than inflation, it’s more important than ever to make your money work for you. And when it comes to your health insurance plan, that means getting the maximum benefit from your deductible.

Most insurance plans have an annual deductible, a set amount of money you must pay out-of-pocket before your insurance benefits take effect. This deductible starts at zero at beginning of the year, and your expenses from all in-network doctor visits, tests, procedures and prescriptions will be applied toward your deductible until it has been reached. At this point, your insurance company begins covering a large percentage of your medical bills while you enjoy the benefits!

If you are close to reaching your deductible for 2015, or it has been met, you already qualify for maximum savings on your medical expenses for the remainder of the year. Take this opportunity to schedule any necessary medical appointments, such as an upper endoscopy or consult with your gastroenterologist. Scheduling these appointments now will cost you much less money out of pocket than if you wait until the first of the year, and you will have plenty of time to schedule any follow-up visits and refill your prescriptions before your benefits expire.

You’ve only got a few more months to maximize your health benefits, so don’t delay in scheduling your appointment. Make that call today and help your money stretch a little bit further.