Time Flies: Don't Let Your Benefits Slip Away

As the end of the year looms, amidst the holiday festivities and the rush to close out the year, it’s easy to overlook important health and financial benefits. Many of us find ourselves scrambling, unsure of how to best utilize the benefits we’re entitled to. By acting now, you can avoid missing out on valuable coverage and savings. Here’s how you can effectively organize and maximize your benefits before they reset.

Review Your Deductible Status

Now is the time to check if you've met your health insurance deductible. If so, it's a great opportunity to schedule necessary check-ups, procedures, or follow-up appointments before your deductible resets on January 1st. Avoid last-minute rushes by planning these appointments early.

Don't Leave FSA Funds on the Table

Flexible Spending Accounts (FSAs) operate on a "use it or lose it" basis. If your plan does not include a rollover or grace period, consider spending down these balances on eligible expenses before the year ends. Items such as prescription eyeglasses, dental treatments, and other qualifying expenses might fit the bill.

Refill Prescriptions

For those who have satisfied their deductible or out-of-pocket maximum, it's wise to look into refilling recurring prescriptions early. This can potentially save on copayments as the year comes to a close.

Plan Dental and Vision Appointments

Don’t let your dental or vision benefits go unused. Whether you need a routine cleaning or a vision check-up, booking these appointments now ensures you make the most of your unused benefits. If facing booking challenges, enquire about cancellation lists to snag an appointment.

Maximize HSA Contributions

Your Health Savings Account (HSA) allows contributions through the end of the year, offering a triple tax advantage: tax-deductible contributions, tax-free withdrawals for qualified expenses, and tax-deferred growth. Maximize your contributions for future financial benefits.

Seek Guidance From Your Plan Administrator

If you're unsure about your remaining benefits or coverage, contact your plan administrator or benefits advisor. They can provide clarity and help ensure you’re making fully informed decisions.

Taking these small steps now can lead to significant savings and enhance your peace of mind. With the deadline of December 31st fast approaching, act to take control of your benefits. Review your current status or reach out to a professional for guidance if necessary. By prioritizing these areas, you'll be setting yourself up for a hassle-free close to the year.