Beyond covering medical bills, what lesser-known benefits does health insurance offer?

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Health Insurance

Besides the usual advantage of having health insurance (helping you with medically covered medical expenses), are there other benefits that policyholders may not be aware of? How can they make the most out of these?

I'm curious if there are benefits to having health insurance that policyholders like myself might not typically be aware of beyond the usual advantage of helping with medically covered expenses. Additionally, how can someone in my position effectively utilize these lesser-known benefits to maximize the value of their health insurance plan?

Dec 27, 2024 | Mila Watson, Henderson, Nevada

Answer

Mark Fitzpatrick

Head of Insurance, MoneyGeekUpdated December 27, 2024

**FSA and HSA are the biggest additional benefits many do not take advantage of.** Both accounts allow for setting aside pre-tax dollars annually for health care expenses. These can be a great way to minimize the shock of a health event. You can draw funds from these accounts, and the withdrawal is tax-free if the funds are used for qualified medical expenses.

**Many times employers will even add or match HSA contributions.** Some employers will add funds to an FSA or HSA for doing basic health monitoring in a year, such as a blood test or completing regular exercise. Be careful, however, as FSA funds can only be rolled over year to year in a limited amount. HSA funds can be rolled over year to year with no limit.

**Know when your plan year ends (and take advantage of it).** Once you meet your deductible, get any additional care needed before your deductible resets. For example, if your health insurance starts on September 1 each year, see your specialists, refill prescriptions and so on before September 1, so you are only paying the co-insurance. You should note that some exams (annual physical, mammograms) will only be covered every 12 months, so you do not want to have 2 of those in one plan year.

**Preventive health services.** Many people overlook preventive care services that are offered, and they are often 100%. Things like cholesterol and blood pressure screening, diet counseling, cancer screenings (for certain groups) and immunizations are free and they can help keep you healthy, identify health issues early, and lower your long-term health care costs.

**Mental health benefits.** Getting help with your mental health doesn’t mean you have a problem. Life can be stressful and sometimes challenging, especially coming out of COVID for the last few years, and getting a little mental health coaching and counseling can do wonders for your overall health. Our mental and emotional health is essential to our overall well-being, and, if your plan covers mental health counseling, it might be worth using that benefit during periods of significant changes or life stressors.