end of year deductible

With back to school season in full swing, it’s hard to think about the end of the year. It seems far away, but it will be here before you know it. One thing you can do to prepare yourself for the end of the year is to check and see where you stand with your deductible.

Most insurance plans give customers a deductible, which is the out-of-pocket cost you have to spend before your insurance pays for your health care costs. The tricky thing with deductibles is that they start over at the beginning of every year. So let’s say that your deductible is $1,000, and so far in 2013, you’ve spent $500 of your deductible on doctor visits and prescriptions. At the beginning of 2014, your deductible will be $1,000 again.

You may be thinking to yourself, “Ok, why should that matter to me?” Knowing where you are with deductible could mean the difference of paying a large or small bill for a  procedure you need to have done. Have you been putting off that colonoscopy? If you scheduled it before the end of this year, your out-of-pocket cost could be significantly less than if you wait to have your colonoscopy next year, depending on where you are in your deductible. Your insurance could end up paying the majority of your procedure’s cost, which means big savings for you!

Colonoscopies are considered the gold standard when it comes to screening for colon cancer. If you are at least 50 years old, it is time to schedule your first colonoscopy. Make sure you check with your insurance plan and see how much is left of your deductible before the end of this year. You could save big time on this life-saving test.