The clock is winding down on 2023 and so is the time to take advantage of your health insurance benefits for the year. If you’ve been using your health insurance plan throughout the year, you may have hit your out-of-pocket deductible, making appointments for certain services even more affordable until the end of year.  

But before diving into how to maximize your health care benefits, it’s essential to understand the basics of your health insurance plan. Familiarize yourself with the following: 

  • Deductible and Coinsurance: Understand your deductible (the amount you must pay before your insurance starts covering costs) and coinsurance (your share of the costs after meeting the deductible).  
  • Coverage: Know what services and treatments are covered by your plan. This may include doctor visits, hospital stays, prescription medications, preventive care, and more. 
  • Network: Find out which health care providers, hospitals, and pharmacies are in-network. Visiting in-network providers can significantly reduce your out-of-pocket expenses. 
  • Copayments: Be aware of any copayments you need to make for specific services or prescriptions. 
  • Annual Maximums: Know the maximum amount your insurance will cover each year. Once you reach this limit, you may be responsible for all additional costs. 

Once you know the basics, like whether you’ve hit your deductible you can make the most of these last few weeks of 2023 by: 

  • Using Your Flexible Spending Account (FSA) or Health Savings Account (HSA)
    If you have an FSA or HSA, make sure to utilize the funds before they expire. These accounts allow you to set aside pre-tax dollars for qualified medical expenses, such as doctor’s visits, prescription medications, and medical supplies. Using these funds can reduce your taxable income and save you money. 
  • Making those appointments you’ve been putting off.
    If you’ve been considering elective procedures or surgeries, now might be the time to schedule them. Check with your insurer to see if these procedures are covered and to what extent. Planning them before the end of the year can help you maximize your insurance benefits. 
  • Reaching Out to Your Insurance Company
    If you have questions or need clarification on your health insurance benefits, don’t hesitate to contact your insurance company’s customer service. They can provide guidance on your coverage, network providers, and any upcoming changes to your plan for the next year. 

Your health insurance is a valuable resource for maintaining your well-being, but it’s essential to use it wisely and make the most of your benefits before the year ends. By understanding your plan, you can maximize your health care benefits and ensure you’re getting the care you deserve without breaking the bank.