How to manage your health benefits at the end of the year

The end of the year is fast approaching, but you still have time to make the most of your health care benefits. Here’s how:

Use up FSAfunds

If you have a flexible spending account, you may have a Dec. 31 deadline to use the balance for qualified medical expenses. (Your employer may offer a grace period or roll over.) Feminine-hygiene products and over-the-counter drugs purchased Jan. 1, 2020, or later are reimbursable from an FSA or health savings

account, so you could stock up on medications such as cough suppressants, pain relievers and antihistamines. If you have a dependent-care FSA, keep in mind that you can use them for a babysitter or nanny who cares for your children while you work.

Manage HSAcontributions and withdrawals

You have until April 15, 2021, to make a 2020 contribution to a health savings account. The 2020 maximum contribution is $3,550 for those with self-only coverage or $7,100 for those with family coverage (plus an additional $1,000 if you are 55 or older by the end of 2020). Unlike FSA funds, HSA savings are yours to use for qualified medical expenses at any time in the future. Even if you don’t plan to tap your HSA soon, round up this year’s receipts for HSA-eligible expenses and keep them in a safe place in case you decide to submit them for reimbursement later.

Squeeze in medical appointments If you have met your health plan deductible for 2020, scheduling any needed medical appointments before the end of the year could save you money. If you wait until 2021 for the doctor visits, you may have to pay the full cost until you meet your deductible. Rather avoid an in-person appointment? See whether your physician offers telehealth visits.