2021 is beginning to come to a close, and that also means that many insurance plans will start anew on January 1st. That means your deductibles and out of pocket limits will be reset, and you’ll lose any leftover money in a flexible savings account. Don’t let all of these numbers reset without taking full advantage of the benefits you’re paying for with your current health insurance plan. Below, we explain how you can use physical therapy to maximize your current health insurance plan before the end of the year.
Don’t Let Your Health Insurance Benefits Go To Waste
We hope you and your family had a very healthy year, but even if that’s the case, odds are you racked up at least some medical expenses. And while all health insurance plans are different, most of them have a set number called a “maximum out of pocket” amount. Once you’ve paid at least that much out of your own pocket for medical expenses, insurance will fully cover any additional medical expenses until the end of the year. If you’re close to reaching your maximum out of pocket, or you’ve already reached it, now is the time to seriously consider physical therapy.
Your contributions to your maximum out of pocket amount will reset to zero on January 1st, meaning you’ll have to pay a lot of money before insurance will fully cover your medical care. So if you have an unstable ankle or have been experiencing back tightness, now is the time to connect with a physical therapist to have the issue treated before your insurance plan resets. And while you may want to double check with your insurance provider, physical therapy is almost always fully covered by your insurance plan, even without a referral by your general physician. If you’ve already met your max out of pocket amount, you essentially have free access with physical therapy until the end of the year (outside of any co-pay), so now is the time to address any lingering health issues.
Flex Savings Account
The same logic applies to your FSA, which stands for Flex Savings Account. Again, these can vary based on your individual health insurance plan, but a small amount of pre-taxed earnings are often withheld from a person’s paycheck and put into this account. You can then use those pre-taxed earnings to put towards things like medical expenses, prescription costs, and sometimes even towards childcare fees. However, the biggest thing to know about Flex Savings Accounts is that they operate on a use it or lose it basis, meaning you can’t roll over any leftover money to the following year. If you have an FSA and haven’t really used it this year, there’s a chance you could have hundreds of dollars or more sitting in your account that will be lost if you don’t spend them by the end of the year.
You could use this money to get another pair of prescription glasses or a first aid kit for your vehicle, but you can also use them for physical therapy services if you have a nagging issue or a new pain that you want a professional to look at. You can put your FSA money towards a physical therapy co-pay, so you won’t have to pay anything out of pocket depending on how much you have remaining in your account. Again, you’ll lose your money if you don’t spend it by the end of the year, so find a qualifying expense and use the money you’ve contributed to your plan this year!
If you have questions about your health insurance plan or whether or not physical therapy services are covered, give us a call or contact your insurer and get clarification. Don’t miss out on inexpensive or free services that are available based on your end of the year health insurance plan. For more information, or to set up a PT appointment, give the team at OrthoRehab Specialists a call today at (612) 339-2041.