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  • Writer's pictureAll In Physical Therapy

Happy New Year, Insurance Ready or Not

Updated: Feb 19, 2021

Happy New Year! A new year stands for new beginnings and the same applies to most insurance plans. This means if your insurance coverage were based on a calendar year, January 1st to December 31th, all the insurance benefits you used in 2020 starts over and resets. What does this mean and how does is it apply to you?

Talking about insurance, the first thing we need to understand is what is the deductible or out-of-pocket maximum? With many insurance benefits you pay a specified dollar amount before insurance starts to pay anything. This dollar amount is referred to as a deductible. The next dollar threshold amount is called an out-of-pocket maximum. This is the maximum dollar amount you will pay for medical bills for your insurance benefit period. In this article, we are referring to a calendar year. When the New Year’s Eve ball drops at midnight your deductible and out-of-pocket maximums start back at zero.

Having your insurance reset may be beneficial for you. For instance, if you have a maximum number of allowed visits for therapy, you will have all the visits available for the new year. On the other side, if you had insurance with high deductibles or a catastrophic out of pocket plans maybe it is time to find a plan that suits you better.

While you can never foresee injuries or medical problems, we assure you, the best way to get through this is together. If you have any questions on benefits or coverage changes, please let us know.

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