Reasons Why You Need to Use Your Medical Benefits Before the End 2020
2020 is almost over. If you have not already done so, you might want to consider making an appointment with a medical professional prior to the year ending. In some cases, failing to do so can wind up costing you time or money in the future.
Your Medical Plan May Be Changing
One of the reasons why you may need to use your medical benefits before the end of the year is because your medical plan may be changing in the new year. Many companies offer new health plans and allow you to change your current plan. If you have decided to change health plans, those changes typically start at the beginning of the new year. You may no longer be able to treat with the same professionals that you are used to treating with. As such, you may want to get in one last appointment with the professionals you know and trust before your new plan kicks in and you have to find a new provider.
Your Health Insurance Deductibles Resets at the Beginning of the Year
Another important reason why you may need to use your medical benefits before the end of the year is because your health insurance deductible resets at the beginning of the new year. For example, some health insurance plans require you to pay $2500 out-of-pocket before the plan kicks in. If you have already met this deductible, you may want to get in as many appointments or procedures, as you have to start paying toward that deductible again once the new year starts. On the flip side, if you have not yet met that deductible, but you expect to meet it next year, you may want to hold off on scheduling an appointment until the new year so the appointment costs count toward your 2021 deductible expenses.
You May Lose Any Money Stored in an HSA or FSA Account
The final reason why you may need to use your medical benefits before the end of the year is because you have money remaining in a Health Savings Account or Flexible Spending Account, also known as an HSA or FSA. HSA or FSA are accounts that can help you to lower your taxable income amount. The money goes into these accounts and is not taxed. However, there are restrictions as to what the money can be used for, such as medical expenses or medical devices. If you have money remaining in the account at the end of the year, you lose that money — it does not roll over from year to year. As such, you need to carefully calculate the amount you place in the account each year and use up what is in the account prior to year's end.
2020 is quickly coming to an end, but there still is time to schedule an appointment and be seen before the new year begins. If you need to use your medical benefits before the end of the year, Sweeney Foot & Ankle Specialists can help you. Contact Sweeney Foot & Ankle Specialists online or contact our office in The Woodlands, TX at 281-292-4944 or our Magnolia, TX center at 281-789-4956 to schedule a consultation.