What Does It Mean When Deductibles Reset?
An unexpected bill for medical services can quickly ruin anyone’s day. Your health insurance plan outlines a deductible schedule that may be able to explain why you received an unexpected bill. Insurance deductibles have a direct effect on how and when you should schedule your diagnostic imaging center appointments. With the year-end months of October, November, and December upon us, it is important to understand what a health insurance deductible reset means for you.
What Is The Difference Between A Deductible And A Premium?
Deductibles and premiums are terms that get thrown around a lot when it comes to health insurance. Both line items are important to understand. A deductible is the dollar amount you are responsible for before your health insurance plan kicks in. If you have a $1,000 deductible, you pay the first $1,000 of your medical services before your insurance covers the rest. Private heath insurance plans and certain parts of Medicare have deductibles as well as other cost sharing options.
So, what is a premium? A premium is the amount you pay monthly to maintain your health insurance coverage. On your paystub, you can see how much money is taken out for your health insurance premium. Your health insurance premium varies based on the type of insurance you have and the extent of your coverage. In most cases, you must pay other costs associated for your health care such as a deductible, copayment, and coinsurance.
How Does The New Year Affect My Deductible?
Many health insurance plans follow a calendar year deductible schedule. Why does this matter? The medical expenses you have paid towards your annual deductible throughout the year reset on January 1st of each year. In other cases, a health insurance plan may follow a plan year schedule. A plan year schedule is when your medical expenses paid towards your deductible reset on the day your health insurance policy renews rather than January 1st. Understanding your deductible schedule can help you avoid unexpected expenses from a medical visit. If you are planning to wait until after the holidays to get an imaging study done, you may want to think twice.
Are There Any Rollover Options?
Certain health insurance plans offer a rollover option or a carryover provision, for the last quarter (October – December) of the year. A rollover option allows for medical expenses incurred during the fourth quarter of the year to rollover and count towards your deductible for the new year. A rollover option can make appointments during the last months of the year a lot more manageable for you. If you are unsure if your health insurance plan has or offers a rollover option, reach out to your provider.
At South Jersey Radiology, we understand the end of the year can be a crunch when it comes to financial planning. To ensure your imaging study applies to this year's deductible, it is important to schedule your appointment for an imaging study prior to January 1st. SJRA has eleven locations across the South Jersey area that offer evening and weekend hours so you can get your imaging study done on time. If you are ready to schedule your appointment for a screening or advanced imaging study, please reach out to any of our following locations:
- Cherry Hill Office – Cherry Hill, NJ
- Haddonfield Office – Haddonfield, NJ
- Greentree Office – Marlton, NJ
- Voorhees Office – Voorhees, NJ
- Route 73 Office – Voorhees, NJ
- Turnersville Office – Turnersville, NJ
- Washington Township Office – Sewell, NJ
- West Deptford Office – West Deptford, NJ
- Women’s Center at Cross Keys – Sewell, NJ
- Women’s Center at Virtua – Voorhees, NJ
- Women's Center at Voorhees – Voorhees, NJ
Learn more about the board-certified sub-specialized Radiologists who read and interpret studies at SJRA here.