The end of the year always seems to creep up on us, especially with the whirlwind of the holiday season. In the hustle and bustle, it’s easy to overlook important health and financial benefits that are set to expire once the calendar turns. If you're feeling overwhelmed or unsure about where to start, you're not alone. But taking some time now to assess your benefits can help you avoid losing out on valuable coverage and savings.

Use Your Flexible Spending Account Funds

Did you know that most Flexible Spending Account (FSA) funds are "use it or lose it"? Unless your plan offers a rollover or grace period, unspent balances will vanish as we ring in the New Year. Consider spending down your FSA on eligible expenses before December 31st to make the most of what's available.

Book Dental or Vision Appointments

If you still have remaining dental or vision benefits, now is the time to use them. Schedule your appointments as soon as possible. If your preferred provider is booked, ask to be added to their cancellation list for a chance to get in sooner.

Check Your Deductible Status

If you’ve already met your health insurance deductible, consider this the perfect opportunity to schedule any pending check-ups or procedures. Once the deductible resets, these appointments may become more costly.

Max Out Health Savings Account Contributions

Don’t forget, you can make contributions to your Health Savings Account (HSA) through the end of the year. With the triple tax advantage – contributions, earnings, and withdrawals for medical expenses are all tax-free – boosting your HSA contributions could be a financially savvy move.

Refill Prescriptions

For those who’ve met their deductible or out-of-pocket max, it might be wise to refill recurring medications early. This way, you can save on costs that will rise once the new year, and a potentially new deductible, arrives.

Contact Your Plan Administrator or Benefits Advisor

Feeling uncertain about your coverage or remaining benefits? Reach out to your plan administrator or a benefits advisor. They’re there to help you navigate your options and give you the clarity you need.

Taking just a few small steps now can lead to significant savings and peace of mind come January 1st. Acting before December 31st ensures you’re in control of your benefits, avoiding any potentially missed opportunities. So, why wait? Check your current status, or reach out to a professional if needed, and make the most of your benefits today.