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.