As the year wraps up, it’s the ideal time to review your insurance coverage and maximize your health insurance benefits before year-end. Many health insurance plans, especially employer-sponsored ones, have annual benefit limits that reset on January 1st. To make the most of your benefits, you need to act quickly. Whether it’s for dental, vision, or paramedical services, now is the time to ensure you take advantage of what’s available before your insurance benefits reset.
Schedule dental check-ups and treatments
Dental care is often included in private health insurance plans. However, most plans have an annual limit on how much they will cover for services like cleanings, fillings, and exams. If you haven’t yet reached your annual limit, now is the time to schedule that overdue check-up or any necessary treatments, such as cavity fillings.
Many Canadians turn to online communities like Reddit for advice on how to maximize benefits. On threads about how to take advantage of health insurance, people often suggest booking appointments well before the year’s end to ensure availability and maximize coverage.
Tip: Many dental offices get busy at the end of the year, so book your appointment early to make sure you can get in before your benefits reset.
Use your vision care benefits
Vision care, including eye exams, glasses, and contact lenses, is another area where benefits often go unused. If your health insurance plan includes coverage for vision services, and you haven’t had an eye exam this year, schedule one before your benefits expire. Eye exams are important for overall eye health, even if you feel your vision hasn’t changed. Detecting issues like glaucoma early can make a significant difference in treatment.
Tip: If your plan covers glasses or contact lenses, consider using your benefits to get a backup pair or replace your current ones if they’re outdated.
Don’t forget paramedical services
Paramedical services, such as physiotherapy, massage therapy, chiropractic care, and acupuncture, are often included in health insurance plans but may go unused. If you’ve been dealing with any aches or injuries–or want to do some preventative maintenance–now is the time to take advantage of these services. Many insurance plans cover a set number of visits or a specific dollar amount for paramedical treatments, and these benefits often reset at the end of the year.
Tip: For ongoing conditions, booking multiple sessions before the year ends can help you make the most of your coverage. Read more about using benefits for self-care and prevention.
Order prescription dedications before your deductible resets
Prescription drug coverage is a common feature of health insurance plans, but many have an annual deductible that resets in January. If you’ve already met your deductible this year, consider refilling prescriptions before the new year. You’ll avoid paying out-of-pocket once your deductible resets.
Tip: Check with your pharmacy to see if you can order a 90-day supply of your medication to extend coverage well into the new year. And read our post about how to save on pharmacy dispensing fees.
Review your health spending account (HSA)
If your health insurance plan includes a Health Spending Account (HSA), now is the time to review your balance and use it before the benefits reset. HSAs cover a wide variety of health-related expenses, from dental work to prescription medications and paramedical services. The plan is usually funded by the employee with pretax dollars, making it a tax-efficient way to pay for healthcare. Any remaining balance can sometimes carry over: unused amounts remains in the account and continue to gain interest. Although in others, unused amounts expire at the year’s end.
Tip: If your family is on the plan, remember their eligible expenses can also be covered by your HSA. Learn more about health spending accounts.
Get the most our of you health insurance benefits
Maximizing health insurance benefits before the year ends: it’s the best way to make sure you’re getting the most value from your plan. Whether it’s dental care, vision services, paramedical treatments, or prescription medications, use your benefits now so you can avoid unnecessary out-of-pocket expenses later. For Canadians, being proactive with your health insurance means better care and savings in the long run.
Most benefits reset on January 1st, but some reset on the anniversary of when you bought the policy. Check with your insurer. Don’t wait—review your benefits, schedule your appointments, and make the most of your health insurance before benefits expire! Have questions about your health insurance plan? Contact us. We’re here for all your health insurance questions; let us help you maximize your benefits!
