Plan to Use Unused Benefits Before Year End

The end of the year approaches faster than we often realize, especially as the holiday rush takes over our schedules. In all the hustle and bustle, it’s easy to overlook important health and financial benefits. It's normal to feel overwhelmed or unsure about where to begin, but taking action now can prevent losing out on valuable coverage and savings by year's end.

Check Your Deductible Status

One critical step is to review whether you’ve met your health insurance deductible. If you have, now might be the best opportunity to schedule check-ups, procedures, or follow-up appointments before the deductible resets. This can maximize your benefits and minimize your out-of-pocket costs.

Use Your Flexible Spending Account Funds

Flexible Spending Accounts (FSAs) operate on a “use it or lose it” basis, meaning that unused funds could be forfeited at the end of the year. Unless your plan includes a rollover or grace period, consider spending your balance on eligible expenses. This could cover medical supplies, dependent care, or other qualifying purchases.

Max Out Health Savings Account Contributions

There’s still time to make contributions to your Health Savings Account (HSA) before the year ends. HSAs offer a triple tax advantage: contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are not taxed. This is a significant incentive to contribute more if you haven't maxed out your account.

Book Dental or Vision Appointments

If you have unused benefits for dental or vision care, consider scheduling appointments now. Even if slots are full, asking your provider about cancellation lists can secure you a spot and ensure no benefits go wasted.

Refill Prescriptions

For those who have met their deductible or out-of-pocket maximum, refilling prescriptions early can translate into savings. Checking your benefits now ensures you maximize them before any resets occur.

Contact Your Plan Administrator or Benefits Advisor

If any uncertainties remain about your coverage or the status of remaining benefits, reaching out to a benefits advisor or your plan administrator can provide clarity and peace of mind. They can guide you through the specifics of your plan and offer personalized advice.

Acting before the December 31st deadline can save a lot of money and stress. By taking a few small steps now, you set yourself up for both immediate savings and future financial peace of mind. Don’t delay—check your current status or reach out to professionals who can help you maximize your benefits today.