The Realities of Reaching Your Deductible

December 18th, 2020 abriinsurance
Realities of Reaching Your Deductible

Coming to the end of the year means hurrying up and getting all of your health procedures done because you have or will be hitting your deductible. What does this really mean for you and your health?

Happy December, everyone! As we are quickly coming to the end of open enrollment and gearing up for a brand new year with a whole new deductible to meet, the rush to get in all of our doctor’s appointments now and go through with all of those proceeds you’ve been waiting to get done is on before next year begins! However, this year might get in the way of that due to COVID restrictions and regulations, and the fact that this year has gone by so quickly. With so much going on in our insurance world, in your health journey, and with the holiday season being here, we wanted to dive a little more in-depth about hitting your deductible and what this can and cannot mean for your health and your bank account.

First and foremost, we do want to stress that your health is the most important thing in this equation. If you need healthcare or a medical procedure done, please get it done. Don’t wait to meet your deductible to get the healthcare that you need. If it’s something you need now to stay healthy, to improve your quality of life, and to help keep you safe, get it done now. While money can be daunting when it comes to going to the doctor, there are so many options out there for you. First, please speak with us here at Abri if your health insurance coverage isn’t providing you with enough coverage. We will continue to help you find a plan that is affordable and will provide the coverage you need for your health care needs. If we can’t apply this new plan right now, we will help you pick out the best plan possible for the new year and help you navigate your medical expenses now.

Next, speak with your doctors. Many doctors, offices, and hospitals do provide payment programs and options, they just don’t advertise them. To find out about them, you have to ask about them. So please ask! Also, we understand why you might have chosen a plan that has a low monthly rate and a high deductible. You might not be able to afford a plan with a higher monthly premium, so you’re okay with having a higher deductible. However, if you do choose this and choose to wait to reach that deductible to finally get the treatment you need, it could turn out to be much more expensive than just getting a higher monthly premium plan. What happens if you’re sick and wait too long to get the care you need? You could cause serious damage to yourself that requires more treatment, medicine, and surgery to help keep you healthy and alive. These medical procedures and treatments can end up being way more expensive than if you had just gone to the doctor in the first place and more expensive than getting a higher monthly premium. So please think about that, and please put your health first.

However, if you are still going to wait to hit your deductible, there are a few things we wanted to share with you. Even if you don’t hit your deductible, you should still get the most out of your insurance plan as you can before the year is up. You’ve waited long enough, you’ve paid for it all year, research what you can give back to yourself, and take advantage of it. Don’t just plan for the end of the year, consider next year too and how these visits can help you now and in the months to come. Also, don’t forget, if you have hit your deductible for 2020, your deductible will go back to zero once 2021 rolls around!

  • For those who have reached their deductibles or who are very close to reaching them, now is the time to think of the basic exams and procedures you need to get to promote your healthiest self. Think about the basics! Get your yearly physical, get your prescriptions refilled, get lab work done, a colonoscopy, a mammogram, and the yearly visits you need to promote your best health and life.
  • Once you’ve reached your deductible, this is also a great time to get those procedures many consider a waste or not important, remember they are still important to you. Visit like this can include trips to your dermatologist, a visit to your physical therapist, having a bone density test, covered reconstructive surgery, weight loss programs, and covered treatment, or attend a sleep study to finally control your snoring!
  • Remember that a ton of people are just like you. They have been waiting until the end of the year to finally get all the appointments they need. So, if you want to get them and take advantage of the fact that you’ve reached your deductible, plan and schedule them early! If you don’t get the appointments you want at the end of the year, cancel them and get planning for next year. Let these and other appointments go towards next year’s deductible.
  • Make sure to keep all of your receipts and records for all of these procedures and appointments for tax purposes and if your tax company fights you hitting your deductible or not. You will have the paperwork to prove that you did indeed.
  • If you have an HSA (health savings account) please make sure that you know if your plan is a use it or lose it situation, or if unused funds will roll over into the next year. If your HSA doesn’t roll over, please make sure to utilize your funds now; get your prescriptions filled, get more contacts, get that pair of glasses you’ve been wanting, stock up on those kinds of things, and get seen for the appointments and procedures that you can before the end of the year!
  • The Los Angeles times makes a very good point when it comes to your calculations about reaching your deductible. Be very careful with your calculations and when picking the procedures that will help you reach your deductible. There can be a lag in getting all of your paperwork finished and claims received this time of year. This time constraint can cause a big financial headache between you and your insurance company, and another between you and your doctors office. Be prepared to deal with this, and this is another reason to hold onto all of your paperwork!

Lastly, we are here to help you find the best insurance plan for you. Has this open enrollment season made you realize how difficult it can be to find the plan you want? Were you unhappy with your insurance this year and didn’t hit your deductible or get the care you need? We can help with that! As the year winds down, make sure you add contacting us to the top of your list to make 2021 a more stable year for you and your health insurance plan!

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