Use It or Lose It: Don’t Miss Out on Free Health Benefits Before Year-End

Your end of year to-do list is probably full of holiday, family and work priorities. But one area you should shift to the top is making sure you use all the health benefits that are awarded to you through your health insurance plan. If you don’t use them, you’ll lose them. 

Read on for five ways to maximize your health plan as the year winds down.

1: Prioritize Preventive Care

An annual physical with your primary care physician is a critical tool for monitoring your health. It provides a great opportunity to identify any potential medical problems early on, when they’re most treatable. The best part – your annual wellness visit is often “free” and covered by your medical plan.

Before the year ends, make sure to get your annual wellness visit on the calendar. Many organizations, including Hackensack Meridian Health, offer online appointment scheduling for easy access. 

Additional preventive screenings that are often covered as part of your health benefits each year include:

• Blood pressure, diabetes and cholesterol tests
• Many cancer screenings, including breast, cervical and colorectal cancer screenings
• Counseling on such topics as quitting smoking, losing weight, eating better, treating depression and reducing alcohol use
• Routine vaccines for diseases such as measles, polio or meningitis
• Flu and pneumonia shots
• Counseling, screening and vaccines for healthy pregnancies
• Regular well-baby and well-child visits, from birth to age 21[3]
  
  

2: Spend Your Flexible Savings Account (FSA)

A flexible spending account (FSA) is a handy way to save money, tax-free, for some health care expenses. The catch is, unlike a health savings account (HSA) that never expires, you usually have to use the money you put in your FSA by the end of the year.

If you’re not sure which kind of account you have—a FSA or a HSA—now is a good time to double check. That way you’ll know if you need to spend it this year or not.

Some health plans let you roll over a small amount or give you extra time to use your FSA. So now is a good time to check with your FSA provider to make sure you know the rules around using this year’s funds.

You can use your FSA to pay for things like:

• Doctor visit, hospital and ambulatory surgical center copays
• Dental care
• Vision care
• Over-the-counter products like cold and flu medicines, pain relievers, bandages and allergy medicines for which you have a doctor’s note confirming your need
• Prescriptions

You also may be able to use your FSA to pay for these things for your legal dependents, such as your spouse or children.

3: Get Prescriptions Filled This Year (If Possible)

Drug manufacturers may increase prices at any time. If you are on Medicare, you may have a high prescription deductible every new year. 

Ordering online from direct-to-consumer companies may save you money. However, research shows that some of the most expensive generic drugs may not be available at these pharmacies.[2] 

Coupon services may also help lower costs. Your pharmacist is an excellent resource about this subject.

You can use funds from your FSA to pay for prescriptions. Review your pharmacy benefits now, then consult your provider for recommendations.

4: Check Your Deductible and Out-of-Pocket Maximum

Your deductible is how much you have to pay before your insurance coverage kicks in, and it varies depending on your plan. 

Your deductible resets on January 1 of each year. So odds are, more of your medical expenses will be covered at the end of the year, after you’ve already made other out-of-pocket payments and are closer to meeting your deductible.

Your out-of-pocket maximum refers to the most you must pay for covered services in a plan year. It includes deductibles, copayments and coinsurance for in-network care. 

Once you’ve met that out-of-pocket amount, your insurance provider will pay 100% of covered benefits for the remainder of the year.

5: Double Check the Fine Print

Reading your health insurance policy and explanation of benefits is an important step toward understanding how to make your plan work for you. 

If you have questions, don’t hesitate to call your insurance provider. They have dedicated support members to help you understand what’s included in your plan.

If you’ve had the same plan for a while, check to see if any benefits have changed. You might find that there are new limits on certain charges. 

And always try to stay in your network to keep out-of-pocket expenses to a minimum.

Next Steps & Resources:

• To make an appointment with a Hackensack Meridian Health primary care provider near you, call 800-822-8905 or visit our website.

• Schedule your wellness appointment and important health screenings, like your annual mammogram, easily online with just a few clicks. 

The material provided through HealthU is intended to be used as general information only and should not replace the advice of your physician. Always consult your physician for individual care.