Making the Most of End-of-Year Healthcare

In the last few months of the year, your to-do list is probably pretty full. However, it’s time to add one more item to the list: end-of-year healthcare.

You may have already chosen your health insurance plan for next year during open enrollment. You’re all set for the year ahead, but have you made the most out of your 2024 health benefits? Now’s a good time to review your insurance benefits and any funds remaining in a health-related savings account, if you have one.

Wrapping Up Your 2024 Healthcare

While there are many different types of insurance plans, it’s common for plans to have an amount you need to spend — your deductible — before the insurance provider pays for the bulk of the remaining medical expenses. Once you meet your deductible in a calendar year, you may pay nothing for additional medical appointments and other expenses, or you may pay a smaller percentage of their cost.

If you have a high-deductible insurance plan, you may not come close to meeting your deductible. But if you’ve reached that threshold, now’s the time to take advantage.

Think through any medical needs you’ve been meaning to take care of. Are you due for a skin check with your provider? Could you benefit from some lab work? Is a knee replacement in your future? If you’ve met your deductible, the end of the year may be a good time to get those done.

Even if you haven’t met your deductible, make sure you’ve gotten all the benefits of your health plan. Your dental insurance benefits may include biannual dental cleanings, while your vision insurance plan may include an allowance for glasses or contact lenses. Don’t leave those benefits unused!

Making the Most of Your Spending Accounts

Everyone should double-check their benefits to make the most out of an insurance plan, but if you have a flexible spending account (FSA) or health savings account (HSA), you should also check to see how much money remains in the account and when it needs to be spent.

Both are tax-advantaged accounts, but they work differently. The type of plan you have matters. If you have an FSA, you have limited time to use the funds in the account, and they usually must be spent within the calendar year. In some cases, you may be able to roll over some funds into an FSA the following year, but check your account specifics to verify.

Have FSA funds that need to be used up before the end of the year? You can use them to pay for many different medical expenses, including:

• Acupuncture
• Chiropractor visits
• Contact lenses, contact supplies, glasses, or vision correction surgery
• Dental cleanings, X-rays or orthodontics
• Medical, dental or vision copays, coinsurance costs, or deductibles
• Over-the-counter health items, including bandages, medications, blood pressure monitors, or pregnancy tests
• Prescription drugs
• Rehabilitation services

Many items you might not think of are actually eligible expenses. Take sunscreen, for example. As long as you choose a broad-spectrum sunscreen with an SPF of at least 15, that’s a covered FSA expense. Want to shade your eyes, too? Prescription sunglasses are also an eligible expense.

Have some health-related items in mind? The Federal Flexible Spending Account Program offers a handy reference tool to determine whether an expense is covered.

If you’re saving money in an HSA, there’s no specific time limit on using the funds. This time of year may still be a good time to use up some of the money, though, if you’ve met your deductible and only pay a small percentage of health-related costs.

Do you have end-of-year healthcare needs that need to be taken care of? Find a provider to meet your needs.