As we approach the end of the year, it's easy to get caught up in the holiday rush and let important health and financial benefits slip through the cracks. With so many other things demanding attention, many people feel overwhelmed or unsure of the steps they need to take. However, acting now can be the key to avoiding lost coverage and realizing valuable savings.

Use Your Flexible Spending Account Funds

The "use it or lose it" nature of FSAs means that any unspent funds may be forfeited after December 31st, unless your plan allows for a grace period or rollover. It's vital to spend down balances on eligible expenses before the deadline to make the most of this benefit.

Check Your Deductible Status

If you've already met your health insurance deductible for the year, now is the perfect time to schedule any necessary check-ups, procedures, or follow-up appointments. Do so before your deductible resets at the start of the new year to maximize coverage.

Max Out Health Savings Account Contributions

Take advantage of the triple tax benefits offered by HSAs by contributing more before the year ends. You can still make contributions through December 31st, offering another opportunity to enhance your savings.

Book Dental or Vision Appointments

It's a good time to book any remaining dental or vision appointments. If waiting lists are long, consider asking providers about cancellations. Taking these steps ensures you do not lose out on the benefits you've paid for.

Refill Prescriptions

Individuals who have met their deductible or out-of-pocket maximum should consider refilling recurring medications early. This strategy prevents you from having to pay more after the new year's reset.

Contact Your Plan Administrator or Benefits Advisor

If you're unsure about your coverage or benefits, don't hesitate to reach out to your plan administrator or a benefits advisor. These professionals can offer valuable guidance to help you make informed decisions.

Remember that taking a few small steps now can lead to significant savings and peace of mind. Acting before December 31st puts you in control of your benefits and ensures you are not missing out on valuable advantages. So, check your status today, and if you need assistance, don't hesitate to seek professional advice.