Act Now: Maximize Unused Benefits by Year-End

The Holiday Rush and Overlooked Benefits

As the end of the year swiftly approaches, it's easy to get caught up in the hustle and bustle of the holiday season. With so many festive activities and obligations, keeping track of your health and financial benefits might not top your priority list. However, failing to utilize certain benefits before the deadline can mean missing out on valuable coverage and savings. Let's explore how you can act now to ensure you don't lose what you've earned.

Check Your Deductible Status

One of the first steps is to check if you've met your health insurance deductible for the year. If you have, it could be the ideal time to schedule any medical procedures, check-ups, or follow-ups before your deductible resets in 2026. This way, you can save on out-of-pocket costs while taking care of your health needs.

Max Out Your Health Savings Account Contributions

Remember, you can still make contributions to your Health Savings Account (HSA) until the year's end. The triple tax advantage of HSAs—tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified expenses—makes maximizing your contributions a smart financial move.

Use Your Flexible Spending Account Funds

Don't let your Flexible Spending Account (FSA) funds go to waste. Remember the "use it or lose it" rule—spend down your FSA balance on eligible expenses before December 31st, unless your plan has an exception like a rollover or grace period.

Book Dental or Vision Appointments

If you still have dental or vision benefits left for the year, now is the time to use them. Schedule appointments while there's still availability. If your provider is fully booked, ask to be placed on their cancellation list.

Refill Prescriptions

For those who have met their out-of-pocket maximums, refilling prescriptions early can mean significant savings. This is particularly beneficial for ongoing medications, ensuring you stay on top of your health while saving money.

Contact Your Benefits Advisor

If you're feeling uncertain about your coverage or the benefits you have remaining, don't hesitate to reach out to your plan administrator or a benefits advisor. They can provide clarity and guidance to help you make informed decisions.

Taking a few small steps now can lead to significant savings and peace of mind. Before December 31st, take control of your benefits by checking your current status or reaching out to a professional if needed. This proactive approach will ensure that you maximize your benefits and enter the new year with confidence.