As most insurance coverages operate on a calendar year basis the fourth quarter can be an important time for decisions on how to best use your plans.
Health - As health insurance deductibles and out-of-pocket limits reset to zero on January 1, if you have already hit these limits for 2024 or are close to and the plan is paying for most or all of your current healthcare expenses, get as much as you can done before the end of the year so it’s paid for by the plan and not you. If you have not hit these limits for 2024 and are unlikely to, but have known expenses coming up, you might want to consider waiting until 2025 to get things done if you can, so that those dollars can apply to meeting your 2025 deductibles and out-of-pocket limits.
Dental – Dental coverage also resets on a calendar year basis in terms of what the plan will pay. Same as with health coverage, see what the plan will cover yet for the year. If for example you have a $1,500 annual benefit that the plan will pay and have only used $500 the plan will still cover another $1,000 for the 2024.  If you have items coming up that will be in excess of that amount, consider getting some done now under the 2024 coverage and some in 2025 when a fresh $1,500 maximum is available.
Vision – Vision coverage is also generally on a calendar year basis in terms of services and allowances the plan provides. Most allow for one eye exam and allowances for new lenses or contacts per year. If you’re not in need of changing your prescription every year consider instead getting a pair of prescription sunglasses instead, and alternate so you’re updating each then every other year.    Â
Take a few minutes to assess your situations as the savings can be significant! Â
Interested in learning more? We’re here to help.
BMA Financial Insurance Services is your trusted partner that can help bring clarity and understanding to whatever your situation may be. Let us help explain your options. Our focus is on educating our churches and pastors to help them make well informed decisions about these very important topics. Â Â
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Mark Bradley
BMA Financial - Insurance Services
501.499.4205
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