Chethan Sarabu, MD
Dec 7, 2024
As the year winds down, many of us reflect on what truly matters—family, health, and finding ways to support the people we care about. The end of the year is also a critical time for managing healthcare expenses, taking advantage of Open Enrollment, and reviewing bills for potential savings. There are often decisions to be made, such as choosing the right insurance plan, setting up flexible spending accounts, or ensuring all medical expenses are accounted for. By stepping in to help a loved one navigate these challenges, you can make a meaningful impact on their financial and emotional well-being.
Why the End of the Year Matters
Healthcare Deadlines Are Approaching:
Open Enrollment periods for most insurance plans end in December, and many benefits like Flexible Spending Accounts (FSAs) are “use-it-or-lose-it,” expiring on December 31.
Year-End Bills Pile Up:
With the holidays adding financial strain, unexpected medical bills can feel especially overwhelming. The end of the year is an ideal time to review and address healthcare costs.
Deductibles Reset Soon:
If a deductible has been met, the final months of the year are a great time to schedule procedures or care that might otherwise be costly in the new year.
How You Can Support Loved Ones
Review Bills Together:
Medical bills are often confusing, with vague line items and hidden fees. Offer to help a loved one review their bills, check for errors, and request an itemized statement. Simple mistakes, like duplicate charges, can lead to significant savings when caught and corrected.
Explain Healthcare Terms:
Many people struggle with insurance terminology like “deductibles,” “coinsurance,” or “out-of-pocket maximums.” Taking a moment to explain these terms can empower someone to better manage their healthcare decisions.
Research Open Enrollment Options:
If a family member is considering switching plans or enrolling in coverage for the first time, offer to help them compare options. Look for plans that meet their healthcare needs and budget, and ensure they understand key deadlines.
Help Maximize Year-End Benefits:
Encourage loved ones to schedule routine check-ups or preventive care appointments if these services are fully covered and unused for the year. Remind them to use any remaining FSA funds on eligible expenses like medical devices, prescriptions, or over-the-counter products.
Practical Tips for Managing Medical Costs
Negotiate Bills: Contact the provider’s billing department to discuss payment plans or request discounts for financial hardship. Many providers are willing to work with patients to reduce costs. OpenHand can help with many of these steps.
Use Price Comparison Tools: Platforms like GoodRx can help find discounts on prescriptions, while apps like Healthcare Bluebook can compare costs for procedures in your area.
Leverage Transparency Laws: If a bill seems unusually high, ask for an itemized statement and verify charges. Many states have laws requiring transparency in healthcare pricing, which can help you identify and dispute unreasonable fees.
The Gift of Support
Helping a loved one with their medical bills or healthcare decisions is about more than saving money—it’s about showing care and easing their stress. Whether you’re walking them through an insurance plan, calling a billing office on their behalf, or simply sharing resources, your support can make a lasting impact. As the year ends, it’s worth taking the time to check in with the people you care about. A little advocacy goes a long way in creating a healthier, more secure start to the new year—for everyone.