Financial Tip: When you schedule your procedure can make all the difference
With the end of the year approaching, those considering a minimally invasive procedure may have a unique opportunity to lower their overall out-of-pocket costs. Scheduling a procedure before December 31 may be a good idea if you have:
- Had other expenses earlier in the year that caused you to reach (or come close to reaching) your insurance deductible
- Anticipate having a higher deductible insurance plan next year
- Have a flexible spending account (FSA) or health savings account (HSA)
The insurance deductible is the amount of money the patient is responsible for paying before their health insurance kicks in. More than half of insured individuals (51%) have what is considered to be a “high deductible” health plan. These have been increasing in popularity because they offer lower monthly premiums. However, when a health issue is experienced, the patient is now responsible for a higher percentage of the overall cost, which can be in the thousands of dollars.
If you’ve already reached your insurance deductible for the year, and you’ve been thinking about a minimally invasive procedure, it may be wise to schedule your procedure before the end of the year. This will minimize (or eliminate) any out-of-pocket expenses that you would otherwise be responsible for at the start of the new year or new enrollment period.
If you are currently enjoying a low or lower deductible plan, but your employer is considering changing that next year, you may also want to schedule a procedure now instead of later. With health insurance plans increasing in cost every year, companies and individuals may elect to lower their premiums by subscribing to a higher deductible plan.
Are you in your mid-40s? Most people experience a gradual increase in their health insurance rates, but once they hit the 42-44 age range, it can start to get very expensive, very quickly. As a result, many opt for a high deductible plan to keep their monthly premium costs affordable. If you’re in your early 40s and in need of a vascular or interventional radiology procedure, there may never be a better time.
Nearly one-third of those with health insurance have either a health savings account (HSA) or a flexible spending account (FSA). HSAs roll over every year, which means that any unused dollars in the account carry over to the next year. However, FSAs usually do not, meaning that if you don’t spend it during the current year, you will lose the benefit.
If you aren’t sure about the amount available in your FSA due to expire on December 31, you can log into your FSA plan portal or app, or simply call the plan administrator directly to find out. Additionally, you can use your FSA or HSA to pay your insurance deductible. Depending on the amount of money in the account, your out-of-pocket costs could be negligible, even with a high deductible plan.
If you have questions about the timing of your procedure and how it may impact your out-of-pocket costs, call us! Our staff can help you determine what benefits you have, benefits that may be expiring at the end of the year, and how to time your procedure so the out-of-pocket cost to you is as low as possible.
