2022 is just around the corner and many people have only a few short months to make the most of a year’s worth of health insurance and dental benefits. You’ve worked hard to earn your coverage and it’s there to help you maintain good health, so why not use it? Prevention is key when it comes to health. Most services covered by your benefits can be used when you are pain-free with the intention of keeping you that way!
Deductibles
As you approach the end of the year, consider how close you are to your deductible since they reset at the end of each year. Have you have met your deductible already? You have every incentive to take full advantage of all health care needs before the deductible resets.
Annual Maximums
Dental plans may have a maximum coverage amount. If you expect to need upcoming treatment such as fillings, root canals, or crowns, and you have the available funds in your plan, get them taken care of before the plan resets for the New Year. When you wait until the beginning of the new year, you can receive the same treatment, but you will have used up most of your coverage for the year already. If you need follow-up work or a second major procedure, you may be on the hook for expenses. Putting off necessary dental treatment often keeps you in discomfort longer. It also has a chance of making the eventual work more complicated and expensive.
Flexible Spending Account (FSA) Balances
If your health insurance plan is an FSA (Flexible Spending Account), your account balance is funded with pre-tax dollars to cover your health care costs. The use of pre-tax dollars allows you to save money on your taxes by reducing taxable income. However, the downside of an FSA is that you must use the benefits during the year. Benefits do not carry over; you will lose any unused funds in the FSA account at the end of the year. Plan your expenses far enough in advance, so you are able to get a necessary appointment before year’s end. Some FSA plan administrators allow a grace period (usually two and a-half months) to use up your yearly expenses. If you still have a significant balance as you approach the deadline, check the details of your plan. This way, you’ll understand well in advance what acceptable uses for your FSA funds are.
Plan Changes
Given the turbulence in health care plans, the benefits you receive next year may be different from the ones you received this year. There is no guarantee that dental plans will remain constant from year to year either. Do not leave any critical benefits on the table in hopes that they will increase next year. How often does that happen?
There is one final reason you may need to use up your health insurance and dental benefits before the end of the year – if you have not been to the doctor or dentist at all. Being proactive with your health is usually the least costly approach! Request an appointment today at https://lynhurstdental.ca/contact-us/
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