The end of the year is an extremely busy time for everyone and it is very easy to forget to use the health care and dental plan benefits covered by your insurance. We’re here to remind you to review your insurance usage so that you don’t waste money!
Deductibles– A deductible is the amount of money you have to pay out of pocket before your insurance company will pay for any services. Check on how close you are to your deductible since they reset at the end of each year. If you have already met your deductible, you should take full advantage of all health care needs before the deductible resets.
Annual Maximums– Dental plans commonly have a yearly maximum coverage amount. This is the maximum amount of money that the dental insurance plan will pay for your dental work within one full year. This yearly maximum usually renews every year (on January 1 if your plan is on a calendar year). Unused benefits do not rollover, so you should use all of them while they are still active. If you are in need of wisdom teeth extractions, dental implants or any other oral surgery, we highly recommend getting these taken care of before your plan resets for the New Year.
Flexible Spending Accounts (FSA)- An FSA is an account you can set up through your employer and during open enrollment, you choose how much money to put into this account. A portion of this amount is deducted from each paycheck pre-tax. Many FSAs work like debit cards, and you can use that card to pay for various medical and dental expenses. Typically, you must use the money in an FSA within the plan year by December 31. However, your employer may offer one of two options that give you a little more time to spend what’s in your account: a grace period of up to 2.5 extra months to use the money in your FSA, or the ability to carry over up to $500 per year to use in the following year. Whether it’s the end of the year or a grace period, you will lose any money that you haven’t spent. Make sure to check with your employer or FSA administrator to see what your plan allows.
Plan Changes- Health care plans commonly change, so the benefits you receive in the next year may be different from the ones you received this year. Dental plans are also not guaranteed to remain the same from year to year. We recommend taking advantage of important benefits now instead of hoping they will increase next year.
More Complications– By delaying dental treatment, you are putting yourself at risk for more extensive and expensive treatment later on. Use your benefits while you have them to avoid bigger problems in the future.
We are here to help you take care of your smile and overall health. Use all of the health care and dental benefits available to you before they run out. Give us a call at 843-762-9028 to discuss your options further or to schedule an appointment.