ATI Physical Therapy Inc.
12/07/2021 | Press release | Distributed by Public on 12/07/2021 12:34
Get the Most from Your Health Insurance Before Year’s End | ATI
Get the Most from Your Health Insurance Before the End of the Year
As another long year draws to a close, it's time to think about any personal tasks you want to ensure are complete before the end of 2021. Health-related finances are a great place to start.
In a season traditionally focused on giving to others, it's important to remember the necessity of also giving to yourself. Your personal health and wellness should be prioritized, along with the needs of your family.
Open enrollment periods in the fall are a time for you to elect health insurance coverage for you and your family. It's also the perfect time to look into some facets of your current coverage - like where you stand with your deductible and remaining FSA dollars - in order to maximize your hard-earned benefits.
How to Maximize Your Medical Insurance Deductible
An insurance deductible is the amount you pay for covered health care services before your insurance plan starts to pay. As you approach the end of the year, look into how close you are to meeting your medical deductible since it will reset at the end of your plan year (typically the calendar year).
Just like your benefits, your deductible likely renews each year on January 1; this means that you'll start over at zero dollars toward your deductible.
If you have already met your deductible for 2020 but have not reached your annual maximum, you're in a great place! You have every incentive to take full advantage of your benefits to get your health needs addressed before the deductible resets January 1.
With millions of people still working from home due to the coronavirus, some are experiencing increased back, neck and shoulder pain. A more sedentary lifestyle is also motivating people to seek healthy and safe ways of exercise - like at-home workouts and outdoor running. If you can relate, these are just a few situations that can be improved with the help of physical therapists or, as we like to sometimes refer to them, movement experts.
Use It or Lose It - Your FSA Dollars
Maybe you aren't close to meeting your deductible. In that case, we recommend checking your Flexible Saving Account (FSA) status. An FSA is a tax-advantaged account offered by employers to help offset employees' medical expenses. Unfortunately, FSA balances do not roll over like Health Savings Account (HSA) balances. You must use your FSA dollars during the contribution year.
While some plans allow a two- or three-month grace period, participants usually lose unused money in their FSAs at the end of the calendar year. Be sure to check with your policy administrator for details on your specific plan.
It may be hard to believe, but each year Americans lose as much as $400 million dollars because of unused FSA balances. We would hedge a bet that most workers would jump at the chance to get aches, pains and other issues addressed if they remembered they had money to spend before year's end. Consider this a gentle reminder to check your remaining balance and use the money that you have set aside.
Choosing PT First
If you've either met your deductible or discovered you have some FSA dollars left for the year, now's the time to act. All physical health questions or concerns are worth addressing with a licensed medical professional.
You may want to consider PT as a first treatment choice. Research shows that PT reduces the need for alternative pain management treatments, like opioid prescriptions, and costly medical services like imaging and ER visits. Plus, these methods commonly lead to PT at the end of a treatment journey regardless. In one study, 70% of patients with back, shoulder and knee pain were successfully treated with just PT - saving them thousands of dollars in medical expenses.
Plan for the Future - How to Elect the Right Medical Coverage
It's impossible to predict the future, so electing the right coverage may seem like an overwhelming responsibility. Take into consideration you and your family's current health and evaluate any potential medical expenses that could pop up over the coming calendar year.
If you have employer-sponsored insurance, review your plan options to see if your employer offers special in-network physical therapy (PT) benefits. PT is a convenient and cost-effective care option that, in many cases, can fully resolve physical health conditions without need for further medical treatment.
Irrespective your choice of plan, you likely will have a deductible. It's so important to check in on how close you are to meeting your deductible before year's end so you can use your benefits to the fullest.
No Matter the Time of Year, Proactive Care is the Best Kind of Care
Even if you feel perfectly healthy, preventative care will always save you money in the long run. Just as you get annual physicals and biannual dental cleanings, so should you consider preventative checkups and treatment with your physical therapist.
We're here for you - whether that be in-person in our clinics or virtually. If you happen to live in a remote area or prefer to stay home during this time, ATI's licensed therapists can deliver our same high-quality care remotely via online PT with CONNECT.