What is the difference between group plan year and calendar year? This is a very common question. The deductible limit is the maximum amount covered in a given year an individual usually has to pay before the plan coverage is required to satisfy the total claims.
- A calendar year deductible, which most health plans operate on, begins on January 1 and ends on December 31. Calendar-year deductibles reset every January 1.
- A group plan year deductible resets on the renewal date of your company’s plan. For example, if your health plan renews on April 1, your deductible would run from April 1 to March 31 of the following year.
To determine whether your plan is annual deductible or calendar year, you can find this information by contacting your HR contact, broker, or carrier.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
