Evaluate Your Healthcare Expenses Now

Yes, most of us are getting quite busy at this time of year, so the last thing you want is another item on your to-do list. But paying attention to this matter could potentially save you hundreds or even thousand ask yourself these questions before the end of December. That’s when your health insurance plan for 2017 will end.

Decide what to do with funds in your Health Savings Account (HSA). Unused funds in your HSA will roll over to next year, so you could just leave the money there. It’s a terrific “insurance” policy against large, unexpected medical bills and not too worried about healthcare expenses cropping up in the next year or two, you might also choose to invest your HSA into a mutual fund.

Have you used all funds in your Flexible Spending Account (FSA)? Unlike with a Health Savings Account, funds in your FSA won’t roll over from one year to the next. Make sure to use your money on qualified medical expenses before December 31. Consider setting appointments for vision checkups, dental cleanings, or other routine preventive screenings.

Have you met your deductible? Are you close? Your deductible is the amount you must pay, out of pocket, toward your healthcare expenses before your insurance kicks in to cover the rest. If you’ve met your deductible, all covered expenses will be paid by your insurance company through December 31. This might be the best time to schedule additional doctor visits, tests, or procedures that you’ve been putting off.

Are you very far from meeting your deductible? This late in the year, it’s unlikely you will meet your deductible for the year if you haven’t made significant progress toward it already. If seeking routine care at this point won’t help you reach your deductible, you might consider putting off non-emergency services until January.

As Open Enrollment for health insurance continues, you should be evaluating the past year’s expenditures anyway. Take the time to investigate the above questions, and you can reap the most benefit from your healthcare plan before it expires.

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