Front desk checking your deductible

Fiscal Fitness: Leveraging Your Deductible and HSA/FSA for Year-End Physical Therapy Benefits

As the year draws to a close, it's essential to take advantage of the health benefits you've earned through your insurance plan. Insurance can be confusing, and it’s essential to understand your benefits and how your deductible can be used to your advantage at the end of the year. 


What Is A Deductible?

A health insurance deductible is the amount you must pay out of pocket for covered healthcare services before your insurance plan starts to contribute. In simpler terms, it's your initial financial responsibility for medical expenses. Once you meet your deductible, your insurance coverage typically kicks in, and you'll only be responsible for co-payments or co-insurance for the remainder of the year.


Why Meeting Your Deductible Matters

For many patients, meeting their deductible means they've reached the maximum amount they need to pay for covered services in a given year. This presents a unique opportunity, especially if you've been considering physical therapy.


If you've met your deductible, scheduling a physical therapy evaluation before the end of the year can be a smart financial move. Since you've already fulfilled your deductible, you can take advantage of your insurance coverage without worrying about additional out-of-pocket expenses. This allows you to receive the care you need while maximizing the benefits you've paid for throughout the year.


Benefits of Scheduling Physical Therapy Before Year-End

  • Cost Savings: With your deductible met, you can potentially receive physical therapy services at a lower cost or even at no additional expense.
  • Optimal Health: Addressing physical issues promptly can prevent them from becoming more severe, leading to better long-term health outcomes. Addressing your pain now can get you feeling better before your deductible resets at the start of the new year!
  • Maximize Insurance Benefits: By scheduling before the end of the year, you ensure that you make the most of the insurance benefits you've worked hard for throughout the year.


Utilizing Your HSA or FSA Before Year’s End

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are financial tools that enable individuals to set aside pre-tax dollars for qualified medical expenses. Some plans have a "use-it-or-lose-it" feature, where any remaining funds at the end of the year may be forfeited. Scheduling a physical therapy appointment before the year's end can be advantageous for those with HSA or FSA balances to spare. By utilizing these funds for physical therapy sessions, patients can optimize their health benefits and prevent potential forfeiture of unused dollars. This proactive approach not only promotes well-being but also maximizes the financial benefits associated with these accounts, contributing to a healthier and fiscally responsible start to the new year.


Are you ready to take advantage of your year-end health insurance benefits? Request an appointment now and start feeling better before the New Year!


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Written by Alyssa Lindau, PT, DPT