Lots of benefits reset at the start of the year, but many employees leave money on the table because they fail to take full advantage while they can. Here are a few reminder messages to encourage folks to optimize their benefits before the year ends.
Time is Running Out to Make the Most of Health and Financial Benefits
Your benefits aren’t just perks; they’re money-saving, health-protecting, future-building opportunities. Use them wisely before the year ends to save money, reduce stress, and set yourself up for success in 2025.
Health Insurance: Get What You Pay For
- Met your deductible for the year? If not, see if you can book a doctor’s appointment or medical procedure in December. If you wait until January, you’ll start over with a new deductible and new out-of-pocket costs. This also applies to your prescription refills.
- Think about your vision and dental coverage. Did you max out your routine cleanings? Get that cavity taken care of? Vision insurance often covers annual exams, glasses, or contacts. You’ve paid for your plans. Get everything you can from them!
Paid Time Off: Use It or Lose It
- If your paid time off (PTO) doesn’t roll over into next year, take a few days off before they expire. You’ve earned them.
- If you’re not able to use your PTO, see if your company allows unused PTO to be cashed out or donated to colleagues in need.
Your Savings Accounts: Be Smart and Savvy
- Flexible Savings Accounts (FSAs) often have a “use it or lose it” policy, meaning unspent funds may disappear after December 31. Use your remaining balance on eligible expenses like healthcare supplies. Check your employer’s policy because some allow small FSA rollovers or grace periods.
- Health Savings Account (HSA) contributions roll over indefinitely, making them a great way to save for future medical expenses or even retirement. For 2024, you can contribute up to $4,150 as an individual or $8,300 for a family. If you haven’t hit your limit, consider contributing now.
- In 2024, you can add up to $23,000 to your 401(k) – and an additional $7,500 if you’re over 50. Contributions need to be made by December 31, so review your year-to-date amounts and increase contributions if possible.
