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During the fall and as the holidays approach, it’s easy to forget to take advantage of your insurance benefits. Every fall, individuals should direct their full advantage of paid-up deductibles or available funds in Flexible Spending Accounts.

“In considering their health care needs, people should also consider the best strategy for using their available health insurance plan benefits,” said Stephen Midkiff, CEO, Lake Norman Regional Medical Center. “Now is the time to take advantage of unused benefits to complete outstanding treatments or recommended tests or procedures.

Most health insurance plans have a deductible requirement — a predetermined amount of healthcare expense that must be covered before the plan begins paying the majority of (if not all) remaining expenses. Midkiff says it’s crucial to know how close you are to meeting your deductible — or if you’ve already met it “because once you reach that threshold, you have a limited window of opportunity to obtain health care services and have the bulk of that expense covered by your plan. Remember: a new year brings a new deductible,” he says.

The close of 2019 also affects individuals who have Flexible Spending Accounts (FSAs) — which are pre-tax dollars set aside primarily for health-related expenses. The Internal Revenue Service requires those funds to be spent — or forfeited — by Dec. 31. It’s a “use it or lose it” proposition, says Midkiff.

If you have been putting off scheduling care, such as an annual check-up, allergy testing, or knee-replacement surgery, it would be wise to check your deductible status and your FSA balance to see if there’s money to be saved, encourages Midkiff.

“It’s important to schedule services promptly so that there is enough time to have the test or elective procedure done before the end of the year. Getting everything squared away by early December will help ensure the services you receive are considered part of your 2019 coverage,” he says.

Every health plan is different. It is important to know how your plan works so you can get the most from your benefits. For questions about your plan, call your insurance provider.

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Lake Norman Regional Medical Center offers comprehensive medical care to individuals throughout the greater Lake Norman region. Located just off I-77 at Exit 33, the Mooresville medical campus offers complete specialty services from 24-hour emergency medicine and maternity to oncology and advanced surgical services. For more information about the services offered at Lake Norman Regional Medical Center, visit www.LNRMC.com. Lake Norman Regional Medical Center is owned in part by physicians.