The end of the year is fast approaching, and with it, the chance to capitalize on your health and financial benefits. Caught up in the holiday rush, it's easy to forget about these important tasks, especially when you're already feeling overwhelmed. However, taking action now can prevent you from losing out on valuable coverage and savings. Let's explore practical steps you can take to make the most of your benefits before December 31st.
Check Your Deductible Status
Have you met your health insurance deductible this year? If so, now might be the perfect time to schedule those check-ups, procedures, or follow-up appointments you've been putting off. Once your deductible is met, your insurance often covers a greater share of medical costs, making it financially wise to take advantage of any necessary healthcare services before your deductible resets.
Max Out Health Savings Account Contributions
Your Health Savings Account (HSA) comes with a triple tax advantage: contributions are tax-deductible, the account grows tax-free, and withdrawals for qualified expenses are tax-free. There's still time to make the most of this benefit by maximizing your contributions before the year ends. Just think of how future you will appreciate the extra savings!
Use Flexible Spending Account Funds
It's a "use it or lose it" situation when it comes to Flexible Spending Accounts (FSAs). Unless your plan includes a rollover or grace period, the funds must be used by December 31st. Take this opportunity to spend down balances on eligible expenses such as medical supplies or treatments. Don't let your hard-earned money go to waste!
Contact Your Plan Administrator or Benefits Advisor
If sifting through your benefit information feels daunting, don't hesitate to reach out to your plan administrator or a benefits advisor. They're there to help clarify any questions about coverage or remaining benefits. With professional guidance, you can ensure you're making informed decisions and leveraging your benefits effectively.
Book Dental or Vision Appointments
Are there any remaining dental or vision benefits you haven't used? Scheduling those appointments now could save you future out-of-pocket expenses. If your preferred provider is fully booked, ask if there's a cancellation list you can join.
Refill Prescriptions
If you’ve already met your deductible or out-of-pocket maximum, this is the time to look into early refills for necessary prescriptions. By doing so, you'll save money on these recurring expenses before your benefits reset.
Taking a few easy steps now can lead to significant financial savings and give you peace of mind as the new year approaches. Act before December 31st to take full control of your benefits and close out the year with confidence. Check your current status today, or reach out to a professional for any assistance you might need. Welcome 2026 by making the most of what you have available now!