Did you ever realize that you allowed the chance to apply your health or dental benefits to expire at the close of the year? It is something many of us are guilty of when our “Use-It-or-Lose-It” benefits expire. With premiums paid in advance, failing to use your benefits is like leaving money behind.
Procrastination should not be allowed to rob you of it. Being taught how to make the most of your “Use-It-or-Lose-It” policy will prevent you from losing hard-earned cash and help you receive the best from your insurance.
What is the “Use-It-or-Lose-It” Policy?
The “Use-It-or-Lose-It” policy applies to health, dental, and flexible spending accounts. It is the term that describes the fact that any unused benefits or funds typically disappear at the end of the year.
If you don’t utilize your benefits before December 31st, you lose them, no exceptions. Unused money does not roll over, so it pays to understand how this policy works so you don’t squander your insurance investments.
Why It’s Important to Make the Most of Your Benefits
Maxing out your “Use-It-or-Lose-It” benefits is an intelligent financial move. The funds you’ve already put toward your benefits shouldn’t be going unutilized. Many services, such as dental cleaning, medical checkups, and even wellness treatments, are covered.
If you don’t take advantage of them, you’re essentially paying for nothing. Don’t wait until it’s too late to maximize your health insurance, dental plan, or FSA benefits.
Hidden Costs of Failing to Use Your Benefits
Not taking advantage of your benefits has financial consequences. You might lose the money paid into your FSA, dental plan, or health plan, and there is no way you’ll be able to get it back.
Lost benefits might also mean missed preventive care, regular checkups, or medical procedures you need. These procedures pay off in the long run, but you have to utilize them before they expire so that you’ll be able to enjoy the benefits.
Plans to Keep You from Losing Your Benefits
To prevent losing your “Use-It-or-Lose-It” benefits, be proactive. Schedule your medical and dental appointments early. Reserve your check-ups, cleanings, and treatments ahead of time prior to year-end.
Remember to review your benefit balances and call your insurance provider. Utilize any unused dollars on services like preventive care, health screenings, or wellness treatments.
It’s time to act. If you have not yet used your benefits, don’t wait another day. The financial benefit of your “Use-It-or-Lose-It” plan is too valuable to ignore.
Review your benefits, make appointments with us, and take full advantage of your coverage before the year ends. Don’t let another year go by without getting what you’ve already paid for.
