Health Plans – Get cracked before year end

Nov 24, 2022

You earned it … possibly this year more than any other. Take a moment for yourself and have those tired, stress-absorbent shoulders massaged, get that neck kink worked out, and brighten that smile. If you have a health and dental plan this is your friendly reminder to use them up before the end of the year.

Most plans have a yearly allowance that renew at the beginning of each calendar year and may not allow any carry over. Here are some reasons to use your benefits now:

  • Deductibles
    Some plans have an annual deductible which is paid out of pocket, usually between $50-$100, upon your first claim of the year. Therefore, you have most likely already paid this amount for 2020 and if you wait until after Jan 1 to use your benefit, you will have to pay the deductible again.
  • Fee Increases
    If a provider, such as your dentist, is going to raise their fees, it is usually done at the beginning of the year.  Thus, an increase means your co-pay amount will be higher.

Some other friendly reminders:

If you stumble across a health or dental receipt that you have not submitted for reimbursement, some providers only allow up to Dec 31 but most will give you a grace period of 60 days into the new year to submit it. This is especially important for those self employed who only have a Health Spending Account.

Do you have a life insurance policy as part of your health and dental plan? You most likely do, and this is a good time to check into who you have listed as a beneficiary. For example, having your life insurance policy paid out to your ex-spouse instead of your current one in the event of your death, can be devastating to your loved ones.

If you have recently left your employer, your health and dental plan does not have to end. You have options to set up a new plan and not have to qualify medically.

About the author

  • Pam is the founder and “boss lady” of Savanti Insurance Agency and Savanti Investment Team (attached to PEAK Securities Inc.). She has over 15 years where she specializes in planning, investments, risk management, and tax-effective strategies for clients’ personal and/or corporate financial needs.

    Coquet Pamela

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Although this article was written with the utmost care and based on sources deemed reliable, there is no guarantee of its accuracy or applicability to all specific cases. This article is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. All content and information are of a general nature and does not address the circumstances of any particular individual or entity. Many of the issues discussed will vary by province. Individuals should seek the advice of professionals to ensure that any action taken with respect to this information is appropriate to their specific situation. The opinions expressed in this article do not necessarily reflect those of Peak Securities inc.