Maximizing Your Healthcare Benefits Before Year-End

A Guide to Saving on Health Expenses

By: Jose Gurrola, MHA, Chief Operating Officer
As the year wraps up, now’s the perfect time to make sure you’re fully using your health benefits. Many insurance plans reset annually, so taking advantage of remaining benefits before year’s end can save you money and help you stay on top of your health. Here’s a guide to maximizing your healthcare plan before the year closes out.

Review Your Deductible and Out-of-Pocket Maximum
If you’ve already met your deductible or are close to reaching your out-of-pocket maximum, consider scheduling any remaining medical appointments or procedures before the year ends. After reaching these thresholds, most insurance plans cover additional eligible expenses fully, meaning your care may cost little to nothing out-of-pocket. For example, if you’ve met your deductible and been delaying a medical procedure, scheduling it now can mean significant savings.

Use Your Preventive Care Benefits
Many plans cover preventive care at no extra cost, including annual check-ups, cancer screenings, vaccinations, and more. If you haven’t scheduled your annual physical or other covered screenings, this is a great time to do so. Not only are these services fully covered, but catching potential health issues early can save money in the long run. Examples of common year-end preventive services:

• Annual Physical: Schedule a check-up to get a clear picture of your health.
• Screenings and Vaccinations: Many plans cover mammograms, flu shots, and more.
• Medicare wellness visit with your primary care provider to help prevent disease and disability, based on your health risk factors.

Spend Down Your FSA (Flexible Spending Account)
If you have a Flexible Spending Account (FSA), remember that most FSAs operate on a “use it or lose it” basis. Check your balance and plan to use these funds by year-end or by any grace period if allowed. Eligible expenses can include prescription medications, co-pays, contact lenses, and certain medical supplies.
Examples of FSA-eligible expenses:

• Prescription Eyewear: Order new glasses or contact lenses.
• Health Essentials: Stock up on first aid kits, thermometers, and other supplies.

Check Your HSA (Health Savings Account)
Contributions If you have a Health Savings Account (HSA), consider topping up your contributions before year-end to maximize tax savings. HSA funds roll over year to year, making them a great way to save for future health expenses tax-free. If you haven’t reached your annual contribution limit, an extra contribution can reduce your taxable income.

Schedule Routine Appointments
From dental cleanings to eye exams, the end of the year is a great time to complete any routine appointments. If you’ve already met your deductible or out-of-pocket maximum, these services might be lower-cost or fully covered. This is also a good time to confirm your provider will remain in-network for the coming year.
Examples of routine end-of-year appointments:

• Dental Cleanings: Many plans cover two cleanings per year.
• Eye Exams: Use your vision benefits if they cover annual exams.

Take Advantage of Any Unused Wellness Benefits
Many health plans offer wellness benefits, such as discounts on gym memberships, weight management programs, or smoking cessation support. Check if your plan includes any wellness perks you haven’t yet taken advantage of and sign up before the year ends to get the most out of your benefits.
Examples of wellness perks:

• Fitness Program Reimbursement: Some plans reimburse gym memberships or exercise programs.
• Nutritional Counseling: Access a dietitian for personalized nutrition advice.

Make Use of Telehealth Options
Telehealth services are often covered by insurance plans at a lower cost than in-person visits. If you need medical advice or prescription refills, telehealth can be a convenient, affordable option. It’s particularly helpful for minor illnesses and can save you a trip to urgent care during the busy holiday season.

Organize Your Medical Expenses and Save on Taxes
If you’ve had high medical expenses this year, consider organizing them now, as some expenses may be tax-deductible. You can deduct medical expenses that exceed a certain percentage of your adjusted gross income. Taking time now to gather receipts and document expenses could provide additional savings when tax season arrives.

Confirm Coverage for Next Year
The end of the year is also an ideal time to review your current plan and ensure it will meet your needs next year. During open enrollment, compare coverage options and premium costs, and ensure your preferred providers are still in-network. If your health needs have changed, you may benefit from a plan that better suits your anticipated care.

Taking these steps now can help you save on healthcare costs, maximize your current plan, and start the new year with peace of mind. By using available benefits, finalizing appointments, and organizing expenses, you’ll make the most of your healthcare coverage and potentially uncover savings you didn’t know were available. Before the clock strikes midnight on December 31, check these items off your list and enter the new year feeling confident about your health and your finances.
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Jose Gurrola, MHA serves as the Chief Operating Officer at Artesia General Hospital, where he oversees strategic growth, regulatory compliance, and medical staff operations. With over a decade of healthcare experience, Gurrola brings a wealth of knowledge to his position. His commitment to community health is further demonstrated by his recent election to the 2024-2025 Arizona/New Mexico Board of Directors for the Medical Group Management Association (MGMA). Beyond his professional endeavors, he enjoys family time, hiking, camping, and playing the piano.