As we approach the end of the year, it’s time to think about more than just holiday shopping and resolutions. Your employee benefits are important, too! Spending a little time now to review your retirement and healthcare spending accounts can help you save a lot of money.
Consider this a gift to your financial wellness. Whether you’re an HR pro helping your team or an employee managing your own financial benefits, this benefits checklist will help you make the most of your healthcare and retirement funds. Let’s dive in!
Review Your Contributions
Retirement Plans (401(k), 403(b), etc.)
First, check if you’re on track to reach your retirement contribution limits. For 2025, the limit is $23,500 for those under 50, and $31,500 for those 50 and older. If you haven’t reached these limits, and your budget allows, consider adjusting your final paychecks. Even small increases can add up over time, and your future self will be grateful!
Health Savings Accounts (HSA)
If you have a high-deductible health plan, your HSA is a great tool. For 2025, the limits are $4,300 for individuals and $8,550 for families, with an extra $1,000 if you’re 55 or older. Contributions for 2025 below the annual limit can continue to be made through April 15, 2026, and counted against your 2025 income tax returns.
Flexible Spending Accounts (FSA)
You can’t change your FSA contributions at this point (unless you have a qualifying life event), but you should confirm now how your plan treats unused FSA funds after December 31 and plan accordingly. Some plans allow a grace period, while others carry over unused funds (up to a maximum amount) to the following plan year for use at any time, and a few are “use it or lose it,” meaning you forfeit any leftover balance.
Use Remaining Benefits
FSA-Eligible Expenses
Do you have leftover FSA funds? It’s time to spend them! Catch up on dental work, buy contact lenses, or order new glasses (including prescription sunglasses). You can also stock up on eligible over-the-counter items like pain relievers, sunscreen, allergy medicines, and first aid supplies. (Don’t forget to save your receipts!)
Wellness Incentives
Are rewards on your benefits checklist? Many companies offer wellness programs that provide rewards for completing health-related activities. Have you logged your steps, finished your health assessment, or participated in wellness challenges? Make sure you’ve done everything to claim your rewards before they expire.
Preventive Care
Most health insurance plans cover preventive care at no cost. This includes physicals, immunizations, and screenings. These appointments can fill up quickly, so if you’re behind on anything, don’t wait — schedule it now!
Update Your Information
Beneficiaries
Life changes, and so should your beneficiary designations. Take a few minutes to ensure your 401(k), HSA, life insurance, and other accounts reflect your current wishes. This simple step can save your loved ones from complications later.
Contact Details
Make sure your employer and benefits administrator have your current address, phone number, and email. This way, you won’t miss important communications.
Dependents
It’s easy to overlook, but your dependent info is part of the benefits checklist. Did a child age out of dependent coverage eligibility by turning 26, or did you welcome a new baby? Update your dependents as your family grows or changes. This impacts your coverage and contribution limits, so it’s important to keep it accurate.
Plan Ahead for Next Year
Open enrollment is your opportunity to adjust your benefits. If your company has not yet closed open enrollment for 2026, be sure to make selections before the deadline. (If enrollment is now closed, it may still be possible to amend your selections before January 1; check with your HR department for more information.)
Think about what worked well this year and what didn’t. Compare premiums and coverage options to select the best option for your situation. Look at this year’s healthcare spending to estimate what you’ll need in your FSA or HSA for next year.
Ask Questions or Get Help
You’re not alone! If you have questions about your benefits, don’t hesitate to reach out to your HR team or benefits administrator. Getting clarity now can save you from a lot of headaches later!
Take Action Before the Year Ends
As December 31 approaches, remember that waiting can be costly regarding your benefits. Take action now by reviewing contributions, spending remaining FSA funds, updating your information, and planning for next year.
Your benefits are part of your overall compensation. Don’t leave money unclaimed! Set aside an hour this week to work through this checklist, and you’ll start the new year with confidence and peace of mind.
Beneliance is a leading provider of employer benefits administration, including FSAs, HSAs, COBRA, and more! Contact us today for more info.
