What Pro2 is Up2

With the holiday season upon us and 2013 quickly approaching, we want to take this opportunity to address an important insurance issue that a new calendar year always brings. Whether you have an individual or employer-sponsored Health Insurance plan, there are certain things to keep in mind as we close out 2012 and usher in 2013.

There are many qualifications and limitations regarding what health insurance covers and to what extent. Certain requirements must be satisfied by the insured before the insurance company will begin paying benefits. A deductible is a fixed dollar amount that the policy holder must pay out-of-pocket for eligible services before the insurance company will make payment for covered medical expenses. For example, if your policy has a $500 deductible, you are responsible to pay $500 worth of healthcare expenses before your insurance will start paying out.

For most policies, the medical plan's deductible is based on a calendar year regardless of when your coverage became effective. All calendar year deductibles will therefore be renewed on January 1, 2013. If you are unsure about your policy, please contact your insurance carrier for more information.

It's always a good idea to keep yourself as informed as possible when it comes to your insurance policy. It's just as important to keep our office up-to-date on any changes that may take place. Many insurance policies renew, change, or terminate at the end of the year. This could mean changes in your financial responsibility.