‘Calendar-Year’ Insurance Plan VS. ‘Contract Year’ Insurance Plan
A ‘calendar-year’ plan is what most health plans run on. The deductible year begins on January 1st and ends on December 31st. Calendar-year deductibles reset on January 1st. A ‘plan/contract’ year plan is a deductible that resets on the renewal date of your individual plan or employer’s health plan. (Generally speaking, this falls mid-year; June or July) or whatever month you enrolled in your individual plan or employer’s health plan. Contact your health insurance plan to know when your deductible resets every year to ensure you are getting the most out of your healthcare benefits.