Posted on 11/27/2018
At this point in the year, you’ve probably heard the phrase “use it or lose it” in regards to your medical benefits. But what does this mean exactly? Your dental benefits, for most insurance plans, expire at the end of the calendar year. So what does this mean for you?
Use it before you lose it
Simply put, if you do not take advantage of your dental insurance plan, it will go to waste. Your benefits will not roll over. This is essentially throwing away money, and thousands of people do it every single year. The deadline for most insurance companies is December 31. Any benefits that have not been used by this time will simply disappear.
How can I make the most of my plan?
To avoid wasting your benefits and in turn, your money, it is important to plan ahead. Here are some ways to make sure you are maximizing your plan:
- Know your coverage. It is important to understand what you are entitled to. If you have questions about what is or is not covered or what you will be paying out of pocket, contact your insurance company.
- Plan ahead. Making your appointments early and talking to your dentist about your needs throughout the year will stop you from trying to use all your benefits at once in the last few weeks of December. This will be better for your overall oral health and your wallet.
- Communicate with your dentist. The better you understand your dental needs and what procedures may benefit you, the easier it will be to plan your procedures and get the most coverage possible.
What is a Flexible Spending Account?
Depending on your employer and coverage, you may have a Flexible Spending Account (FSA). With an FSA, you decide how much money you want to put into an account and that money is deducted from your paychecks. The money with your FSA can be used to cover things like cleanings, braces, co-pays, and other dental services.
The money on your FSA, just like a traditional insurance plan, must be used by December 31. Unlike traditional insurance, however, they may be some wiggle room within your plan. Some places allow your money to carry over, others give a small extension on when you can use your FSA card. It is important to know your options so that you can best use your FSA plan.
The end of the year is coming up quick, and whether you have a traditional insurance plan or a Flexible Spending Account, it is important to understand and use your benefits before they disappear. If you have any questions about your coverage, contact your insurance provider. If you need to use up your benefits before the end of the year, call us to make an appointment today. Appointments are filling up fast!