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Don’t Miss Out: Use Your Insurance Deductible Before the New Year

Here’s how to save money and make sure your insurance policy is working for you
December 2, 2021
Health Insurance

With December holidays just around the corner, our to-do lists are filling up fast. Is a dermatology checkup on that list?

Taking care of your healthcare needs before the clock runs out on the current year is a great idea that will save you money. Most insurance plans run from one calendar year to the next. This means the deductible on your plan most likely resets to zero on January 1. If you have reached, or are close to reaching your deductible, now is the time to get a dermatology appointment on the calendar before the New Year.

Your deductible is the amount you pay for covered health care services before your insurance plan activates and covers the cost. Every plan is different, so your best bet is to review the policy and check your statements to see where you stand.

Deductibles aren’t getting any smaller

Patients often have to meet a hefty deductible during the year before their policy takes over. The average deductible for an individual is now more than $1,945 per year, according to the Kaiser Family Foundation. That’s an 18% increase from the previous year. Once you hit that out-of-pocket threshold, your insurance finally kicks in and starts paying. But the clock starts all over again on January 1.    

So if you have crossed that line or getting close, now is good time to take care of yourself. Schedule that dermatology checkup you’ve been putting off all year. Whether it’s a troubling mole or discoloration on your skin that’s been worrisome, or maybe you just need a checkup for a an existing condition, if you’ve reached your deductible, chances are you won’t face any out-of-pocket expenses for these year-end visits. Perhaps you need to see a dermatologist only once a year. Might as well let your insurance company pay for the visit. Bottom line, you’ll save money. That’s a holiday gift both to you and your family.

On the other hand, if you are not close to meeting your deductible before December 31, it probably makes more sense to delay non-critical health care expenses until after the New Year. That’s because if you spend your money now on a checkup that could be done early next year, those dollars won’t count toward your deductible when it resets on New Year’s Day.

With good planning and timing, you can maximize the value of your out-of-pocket healthcare dollars while taking care of yourself.

Be careful before switching plans

Some folks find that year after year they never quite reach their deductible. This might trigger the temptation to look for a plan with a lower deductible. Before you make a switch, know that premiums for lower-deductible plans are often higher than you would end up saving with insurance once you hit the deductible on your current plan. Check your policy or contact the administrator of the plan so you know to a certainty what’s covered – and how much.

Let Walk-in Dermatology Take Care of You and Your Skin

If you have concerns about any skin condition and need dependable answers fast, you don’t have to wonder, worry or wait. Walk-in Dermatology is here to keep you healthy. Our team of board-certified dermatologists and experienced medical staff will address your concerns and provide the necessary care for all your skin conditions. You can schedule an appointment with us online or we can set up a Video Visit and even prescribe medications remotely. Contact us today.