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Are you getting the most out of your health insurance plan?

Updated: Nov 22, 2022

Thinking ahead about how to best use your health insurance for the year can potentially save you thousands.

Plan when you can

Unfortunately we can’t always plan on how we’re going to use our health insurance, as unexpected things, of course, do happen. However for those items we know will take place, knowing when to schedule them can be advantageous.

Work the calendar

Scheduling things early in the year or later in the year can potentially make a big difference in how much you actually spend. Meeting your deductible late in the year can sometimes be costlier since most plans are on a calendar year basis which means that on January 1 your deductible starts over again at $0.

If you have already met or are near meeting your deductible by say mid-year it may make sense to schedule any planned tests or procedures now so that most or all of the costs are paid in the current calendar year by the insurance company and not you.

If it is late in the year and you have not met your deductible yet it might make sense to schedule those items for after the first of the year so that those expenses all go towards meeting the next year’s deductible, leaving you the rest of the year for your plan to pay 100% for covered expenses.

Bottom line, knowing where you are on the calendar with your health plans deductible can make a big difference!

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