October 28, 2021
Use It or Lose It Benefits
This time of year you will start noticing road signs outside of medical and dental offices saying things like, "Use your benefits before the end of the year or Lose Them!" We have been asked many times over the years what that is all about, so we're here to explain.
There are benefit plans which have maximum amount limitations for such things as massage therapy, psychologists, chiropractors, dental etc. It is these types of benefits that are referred to which may be covered under a benefit plan.
In a Traditional Plan, most expenses allowed are based on the calendar year. If they are not used during that period, there is no carry over of credits to the following year. If employees need to have issues taken care of, they maybe should schedule before year end.
With a Health Spending Account, the allowance amount may end at the end of the calendar year. If there is no carryover of balances allowed, the allowance that is not used is forfeited.
There are methods available to deal with these issues. Need some help?? Give us a call now.
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