The end of the year is coming fast and while most of us are thinking about holiday plans or how to survive another round of office potlucks, there’s one thing you don’t want to forget: your health benefits.
Let’s walk through a few worth checking off your list before the end of the year!
1. Use Your Flexible Spending Account (FSA) Funds
If you have an FSA, this is the big one. Unlike an HSA, most FSA funds don’t roll over into the next year so if you don’t use them, you lose them.
Check your balance and see what’s left. You can use FSA dollars for things like:
- Doctor visit copays
- Prescription medications
- Glasses or contact lenses
- Dental and vision care
- Even over-the-counter items like first aid kits and sunscreen
If you’re not sure what qualifies, you can check your FSA provider’s list of eligible expenses. Some employers offer a short grace period or allow a small rollover, but don’t count on it. Plan to spend those dollars before year-end.
2. Check Your Health Savings Account (HSA) Balance
HSAs operate a little differently. The funds can roll over to the next year, and they can even grow with tax-free earnings. But this is still a good time to check in.
If you’ve met your deductible or have funds to spare, consider scheduling appointments you’ve been putting off like a specialist visit or that physical therapy session you’ve been meaning to book. You can also use your HSA to stock up on eligible health items or pay for upcoming medical needs in advance.
You may be surprised what you can purchase with an HSA. Here is an article with examples of eligible purchases you can make.
3. Don’t Skip Preventive Care
Most health plans cover preventive services at no cost and they can help you catch health issues before they become major (and expensive).
Before the year ends, see if you’re due for:
- Your annual physical
- Bloodwork or lab screenings
- Mammogram, Pap smear, or prostate screening
- Immunizations (including flu or COVID boosters)
- A dental cleaning or eye exam
Think of preventive care as your yearly tune-up. It’s already covered, so why not use it?
4. Review Your Deductible and Out-of-Pocket Maximum
Here’s a little-known tip: if you’ve already met your deductible for the year, now’s the perfect time to schedule any care you’ve been postponing.
That could include elective procedures, follow-ups, or mental health visits. Once January hits, your deductible resets, meaning you’ll be back to paying more out-of-pocket until you meet it again.
The Bottom Line
Your benefits are part of your paycheck, and you’ve earned them! So, before the year wraps up, take a few minutes to log into your benefits portal, check your balances, and make the most of what’s available.
Your future self (and your wallet) will thank you.
