As we begin the New Year, remember that deductibles for most insurance plans will be reset. When verifying insurance benefits on a patient, it is recommended to inquire about co-payments and deductible amounts. Specifically ask if the patient has a co-payment and/or deductible, and if so, what amount. If the patient has a deductible, has that amount been met? Only covered services are applied towards the deductible amount, and are based on the covered amounts. Additionally, the deductible is allocated as claims are received, not by date of service.

It is advisable and cost-efficient to collect co-payments and deductibles from patients at the time of service. This will save on future collection efforts, which can be time consuming and often unsuccessful.

Also noteworthy is the Medicare Part B deductible, which will increase to $110 effective 1/3/2005.