Maleeha: Welcome to the month of deductible December! I know many of you are counting down the days until Christmas, Kwanza, or Hanukkah or New Year’s Day, whatever you celebrate!

Dionne: So get your little advent calendars or elves on the shelf going, it’s the holiday season!

Maleeha: Do you do elvf on the shelf?

Dionne: Not yet. No, not there yet. Barely have the tree up.

Maleeha: I’m all about Festivus – festivus for the rest of us. All my Seinfeld friends, I know you don’t even you have no idea what I’m talking about.

Dionne: No,I have zero clue. Okay, I watched a couple of episodes, but I don’t know that one.

Maleeha: Alright, aluminum pole. Okay, but for Dionne and I, this is a very, very busy month. Not because of the usual holiday season drama with the family visiting and the traveling and the shopping.

Dionne: Although all of that’s true.

Maleeha: Yeah. But because while most industries are slowing down at the end of the year, and coasting hospitals are ramping up.

Dionne: That’s right. All the healthcare providers out there who are listening are nurses, techs, admins doctors. They know what we’re talking about. It’s a great month to hit the overtime because there never seems to be enough people at work, it feels like ever.

Maleeha: Oh, that’s so true. That’s so true. December is the month to remember. Do you remember how in Boston when we had a blizzard? Boston blizzard. Think, guys “The Day After Tomorrow” Remember that movie? Yeah. Minus Jake Gyllenhal, that’s what Boston is like. They would set us up with sleeping arrangements at the hospital so we didn’t have to leave. We could just stay there.

Dionne: Oh my gosh. I remember the tea would start shutting down and the city would set emergency notices to stay home. But we didn’t have that luxury. We had attending snowshoeing it to the hospital. Chile, I do not miss that at all. Although I live in Illinois, so I didn’t really quite escape it, unfortunately.

Maleeha: Yeah, talk about dedication. That memory, man. I mean, that’s why I live in Arizona. I think the high today is like 68. I can’t go back now. Anyhow, so just a couple of days ago, we’re discussing our holiday plans, and it occurs to us that deductible December was upon us and we should share with you all what that means and how to capitalize on your health this month. Because it’s potentially a great month to get stuff done on the cheap.

Dionne: Yeah. Consider this episode our little stocking stuff for PSA that potentially saves you thousands.

INTRO: This is the IVY Drip, a podcast designed to give you the dish on health topics you need to know but didn’t know to ask. We are your hosts, Dr. Maleeha Mohiuddin and Dr. Dionne Ibekie. We’re both Harvard training anesthesiologists and besties. Join us as we explore hot topics that are rarely discussed, but can have a huge impact on your life.

Maleeha: First off, what’s the deductible? A deductible is the set amount you have to pay out of pocket before your health insurance plan kicks in and starts to cover the majority of your services,

Dionne: Your bills, basically.

Maleeha: So, most insurance plans have deductibles that reset to zero at the beginning of every calendar year. Every calendar year?

Dionne: Yeah. So let’s use an example to illustrate how this works. Suppose I have a deductible of $1,000 for 2022 and I need surgery that cost $10,000. I’ll first have to pay $1,000 out of my own pocket, possibly use my HSA account if I can. More on this later. Now that I’ve satisfied my deductible, the insurance plan will help to COVID the rest, which in this case, is $9,000.

Maleeha: Excellent example, Dionne.

Dionne: Thank you.

Maleeha: So, now that we know what the deductible is, you need to figure out if you’ve satisfied the deductible already or are close to it, because, again, it resets to zero on January 1. Okay. So now let’s figure out if you’ve satisfied your deductible or not, using the example similar to the last one. Okay.

Dionne: Break it down or I’ll break it down.

Maleeha: So, suppose I have the same deductible of $1,000 for the year, and as of November, I’ve spent $650 for the year so far. Okay. That would mean that I have not yet met my deductible for the year. Are you with me?

Dionne: Yes, I’m with you. Okay.

Maleeha: So I would still have to pay $350 out of pocket before my health insurance plan would start covering further expenses, like the big expenses.

Dionne: Good breakdown. Okay, good breakdown. So, now everyone’s insurance plan is different, and everyone has different deductibles. They can get complicated family versus individual, in network versus out of network. There are some plans that allow for deductible carryover, which we won’t get into too much right now, but it’s important to talk to your HR and your employer to know the details of your specific plan.

Maleeha: Yes. Just contact your employer, get a hold of HR, login to your insurance plan website, and see if you have met the deductible. Okay. I know that can be painful for some people like myself.

Dionne: Me, too.

Maleeha: I can never remember my username or password, and I’m sure HR hates people like me who are calling all month. Okay, but do it because it is important. So, let’s say you’ve met your deductible for the year or very close to it. It makes sense to try and fit some procedures during this last calendar month of the year so that they’re covered by insurance. Again, everything resets in January, so every day between today and December 31 is your chance to fit in some less expensive care.

Dionne: Yeah. So that leads us to tip number one. Let’s repeat that insurance deductible resets in January. Okay, got it. Now, you mentioned an HSA or health savings account. A lot of people have an HSA account, and some have an FSA account or flexible spending account. It’s important to remember one rolls over and the other does not. And that can get confusing for people. Even me.

Maleeha: Yes, even me, too. So the FSA account, which covers different types of expenses than an HSA account, specifically, it covers a lot of dependent care that resets every year while the HSA rolls over. So you really don’t want to lose that FSA money that you set aside in the beginning of last year. Make sure you spend it, because it’s a use it or lose it deal. Yeah. So tip number two, make sure you use all your FSA money for the year and save the receipts. Also, maximize your HSA contribution each year, because that continues to roll over, and that’s pre tax money.

Dionne: So, bottom line, every day between today and December 31 is your chance to fit in some less expensive care.

Maleeha: Okay. Now, here are some examples of things that you may have been putting off that you should consider. I think a really big one is screenings and diagnostic testing.

Dionne: Yes, this is the time. Your colonoscopies, endoscopies, mammograms, PAP, smears, ultrasounds, dental appointments.

Maleeha: Yes, I am guilty of that. Yes, me too. Get it in.

Dionne: Let’s book ours next week.

Maleeha: I know elective surgeries is another big one.

Dionne: That’s right. Gallbladder surgery, hernia repair, joint replacement, cataract or other eye surgeries, back surgery. Yeah, book those.

Maleeha: That’s a good one.

Dionne: And then we have elective procedures.

Maleeha: Elective procedures. Yes. injections, acupuncture. What else Dionne?

Dionne: Physical therapy, massage therapy. Oo la la, I just found out about that one.

Maleeha: Is that really covered? Oh, yeah. I guess if you have the right diagnosis, it could be covered. So check it out.

Dionne: That’s right. Yes. You’ll be surprised, guys. And you’ll also be surprised that a lot of surgeons and practitioners are more than happy to fit you into their schedule for the calendar year because they know that everyone is trying to take advantage of the deductible having being met.

Maleeha: And the fact that people have time off from work and vacation days accrued which they can use by the end of the year. It gives you a chance to recover. So it’s a really good time to get those procedures done.

Dionne: Excellent point.

Maleeha: Yeah. And I know it doesn’t seem like there’s a lot of time left in the month, but actually, there are so many cancelations at the end of the year for different reasons. You’ll be surprised how quickly you can be fit in or at least be put on a waitlist.

Dionne: Absolutely. So, tip three get those procedures you’ve been putting off done. Now, this is the time.

Maleeha: Yes. Now, once you get your appointment scheduled and it’s a surgical or some kind of procedure, ask who’s doing the anesthesia and where, as in what facility the surgery is taking place. This is not the time for Groupon deals like buy Lasiks in one eye, get the other eye off or not off, but free or for cutting corners on your healthcare just to get the procedure done by the end of the year. This is not that time.

Dionne: News flash never a good time for that, by the way! Never ever. Yes. So see our episode “Ask! Don’t assume.” If you need anesthesia, ask who the provider will be. Make sure you have a real anesthesia team, one that consists of anesthesiologist and a CRNA. Ask is the surgery center located near a big hospital in case of an emergency, these are really critical questions that need to be asked, but most people just don’t know to ask them. Again. Take the time to listen to our episode “Ask! Don’t Assume.”

Maleeha: Yes. Tip four. Listen to the entire episode. “Ask! Don’t assume” like, the whole thing, because there are so many hidden gems in there. Uncut gems. Stop, stop. No, they’re hidden gems. They’re hidden gems in there. Listen to the whole episode.

Dionne: Okay. I think that’s a good one. Very good tip. Actually, it kind of leads to the next point. To help you prepare for surgery so that everything goes smoothly and you have a positive experience, we’ve recorded an entire separate episode specifically on this topic. We’re going to walk you through all of our tips to get you through your surgery. Watch for the release next week.

Maleeha: Good. I like that. It’s coming. This week, though, your job is simple. Check your deductible and make a list. Schedule your appointments that need to be done before 2023. If you’re feeling charitable and have some free time, check on your parents, your grandparents, because they often fall behind on the screening and the procedures. And this tip could save them lots of money. The gift of health is the best gift of all, right Dionne?

Dionne: You’re so corny. But it’s true. I will give you that. It is true. So, guys, for more IV Drip, check out our website at theivdrip.co. And email us with your stories, comments, and questions at info@theivydrip.co. We love to hear from you all. And don’t forget to subscribe to our podcast and spread the love. Now for the random tip of the day.

Maleeha: Okay, so this is my tip of the day. It just kind of occurred to me, Dionne, you want to know how I really remember which health account rolls over and which doesn’t.

Dionne: How do you remember? How do you remember? Maleeha, I’m bracing myself.

Maleeha: Okay, so this is going to sound crazy, and it’s definitely silly, but you know how the sillier the mnemonic, the more likely it is that you’re going to remember it? It just sticks. Right?

Dionne: That’s how we got through medicine.

Maleeha: Yes, exactly. The crazier, the more ridiculous. That’s how we passed all those classes.

Dionne:  Right.

Maleeha: So for this, the FSA doesn’t roll over because FSA stands for Full Stop account. And if you’re Indian, you’re going to know that you say “Full Stop” instead of period, like when you punctuate. So that’s how I remember it. It’s a Full Stop Account, and I guess. The HSA is obviously the one that rolls over, if it’s not a full stop.

Dionne: So I’m convinced after listening to this, no one’s going to forget that. They will be thinking Full stop! Absolutely full stop. All right, guys, great new mnemonic.

Maleeha: Thank you again. Email us your tips. We love to hear from you.