We’re 3/4 of the way through the year, and we at the Sleep Better, Live Better Blog hope you are having a happy and healthy 2014!

As the year draws to a close, you may not be aware that your health care plan might contain benefits that will expire at the end of the calendar year. Use our list below to make sure you access all the perks your plan has to offer!

October 28, 2015: We've updated this post with some more links and useful information.

• How does the Affordable Care Act affect sleep-related services?
• Guide to Understanding Your Heatlh Insurance
• Frequently Asked Questions About Insurance Coverage for Sleep Studies and Therapy

Use up annual services

Often health insurance companies cover at reduced or no cost certain routine processes (think doctor’s appointments, preventative testing, or replaceable items like contact lenses). Check with your insurance to see what advantages you have remaining for the 2014 calendar year. If you’ve been delaying a check-up, now’s the time to see a doctor!

Get the most from your deductible

The deductible is the amount of money you must pay towards medical expenses before your insurance kicks in for some of the cost. If you have already met your deductible for this year (or are close to it), any further medical bills this year will be partially covered by your insurance. By contrast, if you wait for 2015, your deductible will reset and you will have to pay for the service out of pocket (again). Now would be a great time to take care of any outstanding procedures or testing you need done (such as having a sleep study).

Your insurance may contain a built-in maximum, or the greatest amount of money your insurance will expend towards your health care. Beyond this amount, you will be footing the entire cost of your medical bill (it’s sort of like the opposite of a deductible). If you have not yet hit your annual maximum, it may be a good idea to take care of medical expenses now and approach your 2014 maximum, instead of waiting and eating out of your maximum for 2015.

Work your health-related savings accounts (FSA and HSA) 

Flexible saving accounts (FSAs) and health savings accounts (HSAs) are two different types of tax-advantaged savings accounts. Both are to be used exclusively towards health-related expenses.

With the exception of a $500 buffer, the money deposited inside a flexible savings account does not roll over year to year. That’s right: if you don’t use these funds before January, they are gone forever.  Use your money productively by stocking up on health supplies such as prescription medication and glasses. Even certain acne medications and SPF sunscreens can be purchased through your FSA. Use it or lose it!

On the other hand, the money inside an HSA does roll over year to year. Consider filling up your HSA to the maximum government-allowed amount to save the taxes that would otherwise be subtracted from it.

Take advantage of disappearing perks

What with recent changes in the health care system, certain benefits available in 2014 may be disappearing in 2015. Do some research and see if there are any supplies you should purchase or testing you should have done before the opportunity is lost.

If you think you may need a sleep study or need to refill or purchase CPAP supplies, now is the time! Take advantage of your 2014 benefits to make sure you are getting a good night’s sleep.  

Let us know in the comments how you are making the most of your 2014 health care!

Resources: eHealth, Investopedia

Photo Credit: Damon Sacks