INDIANAPOLIS — We are 60 days away from the new year — the date when health insurance plans reset.
Here are some ways to make the most of your plan.
Flexible Spending Account
FSA money needs to be used by Dec. 31, unless your plan offers a grace period or carryovers. Employers will not offer both.
The grace period is up to 2 1/2 extra months, while the carryover amount is up $610 per year.
FSA money can pay for health care costs including deductibles, copays, medical devices and certain supplies.
The funds are set aside tax-free.
Health Savings Account
An HSA is different from an FSA.
HSA money is yours forever and doesn't expire. To contribute to an HSA, you need a high-deductible health plan.
Before the end of the year, double-check your contributions because your employer might not flag that you're closing in on the annual limit.
Overcontributing could cause a headache come tax time in April.
During the pandemic, the IRS permanently expanded the list of what HSA and FSA dollars can buy.
The FSA store and Amazon help people easily find eligible items.
MORE: Browse FSA-eligible items on the FSA Store and Amazon's FSA Store
Deductibles
If you've hit your plan's deductible or out-of-pocket max, make all and any last-minute appointments.
Confirm the doctor and facility are in-network.
If you have not hit your deductible, Caitlin Donovan with the National Patient Advocate Foundation said there are still appointments to squeeze in.
"Get in all of your preventative and wellness visits. Those are free, usually, in most plans. So, get your annual checkup. If you're of age, your colonoscopy or mammogram. A lot of vaccines are free, and it's flu season," Donvan said.