Don't Let Unused Benefits Lapse This Year

As the end of the year rapidly approaches, it’s all too easy to let important financial and health-related tasks slip through the cracks amidst the festivities. Many of us feel overwhelmed during the holiday rush, unsure of where to start when it comes to maximizing the benefits available to us. The key is to act now to avoid losing out on valuable coverage and potential savings.

Max Out Your Health Savings Account

Your Health Savings Account (HSA) offers a triple tax advantage: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualifying medical expenses. You can contribute through the end of the year, so take this opportunity to potentially increase your contributions and benefit from this tax break.

Schedule Dental or Vision Appointments

Many insurance plans cover dental and vision care, so don’t let these benefits go to waste. Book an appointment now, and if schedules are tight, ask providers about cancellation lists to snag any last-minute openings.

Check Your Deductible Status

If you've met your health insurance deductible, now could be the perfect time to schedule any overdue check-ups, procedures, or follow-up appointments before your deductible resets. Take advantage of any cost savings while you can.

Use Your Flexible Spending Account Funds

Remember, your Flexible Spending Account (FSA) operates on a "use it or lose it" basis unless your plan allows for carryover or has a grace period. Spend down your balance on eligible expenses by December 31st to ensure you get the full value of your contributions.

Refill Prescriptions

For those who've met their deductible or out-of-pocket maximum, refilling recurring medications sooner rather than later can lead to significant savings. Check in with your healthcare provider to get ahead.

Reach Out for Help

If you’re feeling unsure about your coverage or remaining benefits, don’t hesitate to contact your plan administrator or a benefits advisor. They are there to help you navigate your options and make informed decisions. A few small actions now can lead to significant savings and peace of mind. Remember, it's crucial to take these steps before December 31st arrives. Today is the day to check your current status or reach out to a professional if you need guidance. Take control of your benefits and ensure you enter the new year without any lost opportunities.

 

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