8 Money Moves to Make Before the End of the Year
The last few weeks of the year are busy, but they're also a natural checkpoint for your finances. A little attention now can help you avoid losing benefits, start tax season organized and head into the new year with a clearer plan.
1Use up any health benefits that expire
Some workplace health spending accounts have rules that let unused money expire at the end of the plan year. Others allow only a limited carryover or a short grace period. If you set aside money from your paycheck earlier in the year, it's worth checking your balance now so it doesn't go to waste.
Log in to your benefits account or call the plan administrator to confirm your balance and the rules for your plan. Eligible expenses can include eyeglasses, contact lenses, dental work, prescription copays and many over-the-counter health products, though the specifics vary by plan. Keep receipts for anything you buy, since you may need to submit them later.
The same thinking applies if you've already met your health insurance deductible for the year. Scheduling a needed checkup, procedure or refill before the plan resets may cost less than waiting. Check with your insurer and your doctor's office about timing and coverage before booking, so you understand what you'll owe.