Understanding your health insurance deductible

As we head into the final months of 2022, it also marks the end of annual health insurance policies. For most plans, this means your deductible resets and is set back to zero.   Deductibles are the out-of-pocket expenses you pay before insurance coverage begins. Deductibles can be as low as a couple of hundred dollars all the way up to a couple thousand per person on your plan, depending on how high your premium is. 

For example, a plan with a $5,000 deductible means you are responsible for the first $5,000 in expenses before insurance coverage kicks in. That number is reset to zero on January 1.  Depending on where your deductible is set and how much medical care you’ve received that year, you could be close to or over the threshold set for when the insurance company becomes financially responsible.

If you’ve met your deductible, or are close to meeting it, you may want to consider scheduling the needed elective eye procedures you’ve been putting off. 

What are elective eye procedures?

An elective eye procedure is a planned procedure that is not a medical emergency but is something that is medically necessary for you to maintain your vision and improve your eyesight.  One example of an elective eye procedure is cataract surgery. 

If you’ve been diagnosed with cataracts or are having symptoms of cataracts, now may be a good time to schedule your cataract evaluation.

Other things to keep in mind as you fully utilize your health insurance plan:

Your health insurance plan may include screenings and other services at no additional cost.

Knowing the details of your insurance plan – how much is your deductible, what kind of free screenings are available, and any other perks included – is a good first step to maximizing what’s available to you.  Insurance plans sometimes include additional preventative care – like annual screenings for diabetes, cholesterol, and cancer, as well as physicals, eye exams, and vaccines –  that aren’t considered a part of your deductible. All of this is usually offered and recorded for the calendar year and is reset as soon as the new year begins. This means that you and others on your policy may qualify to receive these free screenings annually, which is an important way to maintain your health.

Check for other valuable perks.

Your health insurance plan may include additional perks, such as discounts on exercise classes and discounted pharmacy prices with a preferred vendor, or even free massages and other alternative treatments. Read through your plan annually to fully understand your benefits and the costs associated with it.

For detailed information about your health insurance policy, reach out to your employer or agent. If you have any questions about what Ophthalmic Specialists of Michigan can provide and how it relates to your insurance plan, the devoted professionals at Ophthalmic Specialists of Michigan are happy to provide further information and resources.