The holidays are upon us, and for most of us that means shopping and budgeting for parties, gifts, and travel. However, the arrival of the holiday season also means it’s almost the end of the year. Did you know that by this point, many people have met their health insurance deductibles and out-of-pocket maximums? What does this mean for you? It means that many health care and medical services will now be significantly less expensive. Meeting your health insurance deductible is essentially the health care equivalent of scoring a great Black Friday deal!

Deductibles 101
Understanding your health insurance is key to receiving maximum benefits from your plan, so below is an overview of the most common Insurance Terms and what they mean.

〉Premium: The amount you pay each month for your insurance.
〉Network: The facilities, providers, and suppliers your health insurer has contracted with to provide health care services.
〉Deductible: The amount you must pay for health and medical services first before your insurer covers anything.
〉Co-pay: The amount you pay for routine services, such as annual physicals, to which your deductible doesn’t apply.
〉Co-insurance: Your share of the costs of a covered health care service, calculated as a percent (for example, 20%) of the allowed amount for the service.
〉Out-of-Pocket Maximum: The absolute maximum amount you will pay for health and medical services each year.
〉Claim: The bill your health care provider sends to your insurance company for payment.
〉Explanation of Benefits (EOB): A summary of health care charges that your health plan sends you after you see a provider or get a service. It is not a bill.

If your annual health insurance deductible is met for this year, now may be a good time to schedule any medical treatment you’ve been delaying. Follow your health plan’s rules, stay in your health plan’s network of providers, and make sure the proper pre-authorizations are in place. Most health plans now require a face to face visit with your physician to document medical necessity for orthotic and prosthetic services. Contact us today to discuss any prosthetic or orthotic services or devices you need delivered before the end of the year. As always, we are here to help!

View a list of our accepted insurance companies here.

Find answers to the most common coverage questions here.

*Be sure to contact your insurance company to find out specific answers related to your plan.