As we enter into the new year leaving the holidays and 2024 behind us, we wanted to share some recommended steps that can help you maximize your benefits for the upcoming calendar year. Even if your plan isn’t on a January 1 renewal schedule, there’s a lot of things in your benefits program that still “reset” on January 1, so these tips and recommendations can help most people, regardless of your plan renewal date.
Here are several essential steps we recommend taking each January 1 to help plan for the new year:
1. Review Your Coverage Details
Start by thoroughly reviewing your new policy documents. Check for any changes in coverage, premiums, deductibles, copayments, and out-of-pocket maximums. Understanding these details will help you avoid unexpected costs and ensure you know what your plan covers.
– Remember, calendar year deductibles, out of pockets and plan maximums all reset 1/1 so plan accordingly! You might have new benefits to use OR you might have your deductible reset back to $0. Be prepared.
2. Update Your Information
Make sure all your personal information is up to date. This includes your contact details, beneficiaries, and any dependents covered under your plan. Accurate information ensures smooth communication and proper coverage for everyone on your policy. If your employer updates your vendors for you, let them know of any updates. If you have an enrollment or HR portal that feeds the various insurers, make sure the data is accurate!
– If you have any sort of telemedicine program that you have access to, go out and download the app, go to their website and get you and your family entered. You want this important tool setup and ready to go BEFORE You need it.
– Also go out and get any apps on your smartphone that any of your insurance providers make available. When you do this, your phone turns into your ID card. No need for paper anymore and one less thing to carry around in your wallet or purse!
3. Check Your Network Providers
Verify that your preferred doctors, specialists, and hospitals are still in-network. Insurance networks can change, and staying within your network can save you significant money. If any of your providers are no longer in-network, consider finding new ones or discussing out-of-network options with your insurer. Providers opt in / out of networks regularly, oftentimes on January 1 because of their contract.
4. Schedule Preventive Care
Take advantage of preventive care services covered by your plan, such as annual check-ups, vaccinations, and screenings. Scheduling these appointments early in the year can help you stay on top of your health and catch any potential issues before they become serious.
5. Understand Your Prescription Coverage
Review your plan’s prescription drug coverage, including the formulary (list of covered medications). Check if any of your regular medications have changed tiers or require prior authorization. Knowing this information can help you manage your medication costs and avoid surprises at the pharmacy. Medications change tiers regularly, oftentimes on January 1 or July 1, so know before you go (to the pharmacy). 😊
6. Research Urgent Care Providers close to home / work
An addition to the above from a network research standpoint, but we find it very helpful to at least get a mental list of which urgent care providers in your area are in-network. Stuff happens all the time, that’s why we have insurance, so be ready for the minor non-emergent type situations and know where you can go ahead of time. That way when something does happen, you are prepared.
By taking these steps at the beginning of each calendar year, you can ensure you’re well-prepared and make the most of your benefit programs. If you have any specific questions or need further assistance, feel free to ask!
What do you and your family do each year at the turn of year? Anything you’d recommend we add to the list? If so, let me know. Love to get some add’l nuggets to share with others. Thanks for the read, we hope everyone has an amazing and prosperous 2025.
Ryan
As a reminder, Holloway Benefit Concepts is an SDVOSB certified business and a Texas HUBzone certified business. We are veteran owned and operated.
