Seize the Moment: Your Guide to Health Insurance Benefits

BENEFITS BLOG

Can you believe 2024 is just around the corner? Time sure flew by in 2023, didn’t it? As we wrap up the year, we’ve got some friendly advice to help you make the most of your health insurance benefits.

We know the “I” word makes people cringe, but we are here to shed light that could be good news for many of you who bill their insurance and are on calendar year plans! If you’ve already tackled your deductible and out-of-pocket max, now is the ideal moment to book those physical therapy sessions and show your body some love before the new year rolls in!

Even if you’re not in need of physical therapy (congrats to you!), if you’ve met your deductible or out-of-pocket max, it’s the perfect time to indulge in some preventative TLC. Whether it’s a tune-up, updated/advanced exercises, a running gait analysis, a soothing sports massage, or something else you’ve been putting off—why not treat yourself? Let’s make the most of those benefits while they’re still there for the taking!

Understanding Deductibles and Out-of-Pocket Maximums

  • We know working with insurance can be confusing and complex. We are here to help! For those who may not be familiar with insurance terms, here’s a crash course on the basics: 
  • Deductible is the amount you pay for covered healthcare services before your insurance plan starts to pay. Once you’ve met your deductible, your insurance plan begins covering a significant portion of your healthcare costs. You will only owe your co-pay or co-insurance amount once your deductible has been reached. 
    • Copay:
      • Fixed fee you pay upfront.
      • Typically a specific amount, like $25.
    • Coinsurance:
      • Percentage of the medical cost you pay.
      • Example: If your insurance covers 80%, you pay the remaining 20%.
      • The amount you pay varies based on the total cost of the service.
  • Out-of-Pocket Maximum is the maximum amount you’ll have to pay for covered services in a plan year. Once you’ve reached this limit, your insurance will cover all medical costs for the rest of the year.

Every insurance plan is different, and deductible and out-of-pocket maximum amounts can vary. If you’re uncertain about your current status, please don’t hesitate to contact our clinic or reach out to your insurance provider if you are insured by one of the insurance companies we are credentialed with. We’re here to assist you in understanding your unique situation.

Uncover Hidden Opportunities for Reimbursement

Even if we are not credentialed with your insurance, you might be in for a pleasant surprise when it comes to reimbursement! Yes, that’s correct—being on the “out-of-network” side of things doesn’t mean your visits at Runners’ Edge won’t be covered. In fact, if you’ve already met your deductible and/or out-of-pocket maximum for the year, your visits could potentially be covered, perhaps even in full!

Taking Control: How to Check Your Coverage

To get the lowdown on what your insurance can do for you, take a proactive approach. Give the member services number on your insurance card a call—they should be able to tell you what they will cover, leaving no room for surprises. Understanding the extent of your out-of-network benefits can empower you to make informed decisions about your health and well-being.

Here's How to Verify Your Out-of-Network Coverage:

  1. Contact Member Services: Dial the number on your insurance card to speak with a representative from your insurance provider’s member services. They are there to assist you in understanding the details of your coverage.

  2. Ask About Reimbursement: Inquire about the reimbursement rates and coverage specifics for out-of-network providers. This will give you a clear picture of what to expect and help you plan accordingly.

  3. Explore Potential Coverage: With your deductible and out-of-pocket maximum already met, there’s a good chance that your visits to Runners’ Edge could be covered. Clarify the details so you can make the most of your benefits.

Conclusion: Your Health, Your Choice!

As we approach the end of the year, take a moment to assess your health insurance situation. If you’ve met your deductible or out-of-pocket max, consider investing in your well-being by scheduling those appointments you’ve been postponing. Our team is here to guide you through the process, ensuring you get the most out of your health insurance benefits.

 

Don’t let those unused benefits go to waste—make your health a priority as we welcome 2024. If you have any questions or need assistance, feel free to reach out to us. Here’s to a healthy and happy new year!

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