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Make the most of health insurance benefits before they change

Posted On Tue, November 24, 2009

In order to get the most out of their health insurance, consumers should make sure they completely use the benefits made available to them before the end of the year.

According to a recent report from, personal finance expert Gerry Willis noted that health insurance policies may not be as beneficial for consumers starting next year. As a result, people who hold policies should see if they have hit their deductable this year.

If not, they should try and get visits in to a doctor's office before the year closes out.

"Now is the time to maximize your health care policy," Willis wrote. "And while you're at the doctors - think about asking for an extra refill on medicine or some samples to take home."

Furthermore, consumers should make sure they take in the full benefits afforded by flexible spending accounts, which allow people to set money aside without having taxes taken out. Any money not used in the account may disappear at the end of the year, though Willis noted that some employers give workers until March to use the funds.

The Bureau of Labor Statistics notes that there are no limits to the amount of money a person can put in a flexible spending account. However, it also states that many employers may put their own limitations, which range from $2,000 to $3,000.

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