5 Employee Benefits to Use Before the End of Year
Written by: Rachael Thomas
Employee benefits can be tricky but that doesn’t mean you have to leave money on the table. If you’re lucky enough to have benefits, don’t miss out on the ones that may expire at the end of the year! (#UseYourBenefits) Here are a few important things to keep in mind as 2021 comes to an end.
This article is for general guidance. Employee benefits and important dates vary from company to company, so check your company's HR portal to learn more about your benefits, your reimbursement process and important dates.
1. Flexible Spending Account (FSA)
The breakdown:
An FSA is a plan that allows you to use tax-free dollars to cover out-of-pocket medical expenses such as copayments and deductibles, prescription medications, and more.
What to consider before the end of year:
With FSAs, you’ll most likely need to use these funds before the year comes to an end. Some companies go by the “use it or lose it” practice, while some FSA funds rollover over to the new year (max. of $550)
Don’t let that money go to waste! There are many things you may not have even known are eligible to be covered by FSA funds — acupuncture, breast pumps, chiropractic care, prenatal vitamins, and sunscreen are just some of the unique things that FSAs can cover.
2. Health Savings Account (HSA)
The breakdown:
With an HSA, you set aside money pre-tax to pay for qualified medical expenses. Similar to FSAs, these funds can go towards paying deductibles, copayments, coinsurance, and more.
What to consider before the end of year:
Unlike an FSA,your HSA funds rollover into the new year and they are portable so you can still access them even if you shift jobs. Just keep your records up to date and submit your receipts.
3. Wellness stipend/allowance/spending account
The breakdown:
These benefits have gained popularity over the past few years and we are here for it! These are dollars specifically focused on supporting your physical, mental, and emotional health. From gym memberships and spa services to counseling sessions and fitness equipment, wellness stipends offer a high level of flexibility so you can decide where to spend your money.
What to consider before the end of year:
These funds could expire by the end of the year, so make sure to check how much time you have to use them and the process for reimbursement.
4. Put your vacay days in the system for 2021.
The breakdown:
Yes, we’re talking to you. We see you — and so does your boss, who’s probably already reminded you to record them.☺
What to consider before the end of the year:
If you’re lucky enough to not have to submit your vacation days before you take them (because not employers allow that), then go ahead and get those in the system before the year closes out. This will make your life — and the lives of your employer and the accounting staff — easier.
Tip: Let’s say massages are covered under your wellness stipends, but you have no time to get one before the year wraps up. Buy a gift card to your favorite spa before the end of the year so you can book a massage at a more convenient time for you.
5. Block out your Hooky Days for Q1 and Q2.
The breakdown:
While you’re busy handling your business for 2021, make sure to schedule a couple days off for your wellness in the first months of 2022. With the hustle and bustle of the new year, it can be easy to feel burned out come February or March.
What to consider before the end of the year:
Check with HR to confirm how many PTO days you’ll have next year (depending on how long you’ve been with the company and how accruing PTO works there, you may be getting some more days under your belt). If you’re not eligible for vacation days through your job, use your weekends to recharge and do absolutely nothing related to work.
Need a refresher on how to spend your Hooky Day? Find everything you need to know in your free prep guide here. Be sure to check out our suggestions for how you can #PlayHooky and creative ways to practice wellness.
Reminder: Use. Your. Benefits.
That’s it. That’s the tweet.
Don’t let them go to waste. You’ve earned those. We’ve said it plenty of times throughout this piece but please — consult with HR on all things related to your benefits. From what your HSAs and FSAs are eligible for, to the reimbursement process and vacation days. That’s what HR is for. #UseYourBenefits