The End Is Near….

Of the insurance year, that is!

Greetings from the Office of Dr. Jack Bodie!

It’s that time of year again when folks with medical and dental insurance start thinking about how they should minimize their out-of-pocket expenses and maximize insurance benefits! It’s really unbelievable how many people let the end of the year go by, leaving thousands of benefit dollars unused! And what about Health Savings Accounts too? Why not use these benefits to head off a dental problem that’s only going to get more expensive as time goes by? Here’s more…..

Dental Insurance

Dental insurance plans have relatively low annual maximums, usually $1000-1500 year. But with most plans, you’ll have to spend about twice the benefit amount. In other words, to get the $1000, you’ll have to spend $2000 to get the $1000 in benefits, due to deductibles, excluded and limited services covered, and regional fee maximums. Unused benefits are lost forever after December 31st, with new benefits beginning January 1st, if the plan is not eliminated or changed. But hey! Any help is good help!

Health Savings Accounts and Medical Savings Accounts

Health Savings Accounts allow you to use pre-tax money to pay for medical, dental, vision and other health related expenses not covered by insurance. Medical Savings Accounts work the same way but are usually funded by employers. MSA funds must be used by year end each year or be lost, again, forever. HSA funds are allowed to accumulate tax free from year to year.

The Bottom Line

The bottom line is this: unused dental insurance benefits and MSA funds are lost forever after December 31st. Why anyone would ever allow free money to go up in smoke is beyond me! So, if you have these benefits remaining give us a call to see how we can help. Feel free to call 972 235 4767 or email us at [email protected] and please check out our website at DrJackBodie.com for more details. Don’t wait until it’s too late!

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