With most insurance plans operating on a calendar year basis, December is of course the last chance to get things covered for the year before everything starts over for 2024.
To get the most out of your coverages don’t leave unused benefits on the table. December is also the time to look ahead at possible changes for the coming year on some key items.
Looking back
Health Insurance – Whether individual coverage of employer provided group coverage, if you’ve met your deductible this year you should try to get any additional healthcare expense items completed by year end to have the health plan pay most or all of those costs. Most all calendar year plans reset deductibles to $0 on January 1.
Dental – Most all dental insurance plans provide two (2) preventive cleanings at no charge, while other services such as minor and major repairs have annual maximums the plan will cover.
If you have not yet used both of your cleanings or have other known dental issues needing attention, get these done now to get them covered in 2023. This can help spread the insured portions over both 2023 and 2024.
Vision – If you have Vision coverage but have not yet had your annual exam or purchased new glasses or contacts, December is also your last chance to get these expenses under the 2023 plan.
Keeping your prescriptions up to date is essential to maintain good eyesight. Eye exams can also often be the first indicators of other health issues so don’t let this benefit pass.
Health Savings Accounts – If you are insured under an individual/family or group plan that is an HSA eligible plan don’t forget about the tremendous tax advantages.
For 2023 the tax-deductible contribution limits are $3,850 for individuals, $7,750 for families, plus an additional $1,000 for insureds over age 55. You can make tax deductible contributions to your 2023 account up until the tax filing deadline of April 18, 2024.
Looking ahead
Retirement - December is a great time to consider increasing your retirement plan contribution level for 2024.
If you are considering a change it’s recommended that you initiate it in December to start in January so you get the entire new year under the higher contribution amount.
Medicare – If you’re turning 65 in 2024 you should be looking ahead to get things in motion so your Medicare choices are completed on time and to avoid possible penalties.
Benefits – Open enrollment for most insured coverages is 30 days before the annual anniversary or renewal date. While many plans renew January 1, many also have anniversary dates throughout the year.
If you are considering changes to any of your benefits (health, dental, vision, disability) check to know your plan’s anniversary and when your open enrollment period(s) will be.
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Our focus is on educating our churches and pastors to help them make well informed decisions about these very important topics.
Mark Bradley
BMA Financial - Insurance Services
501.499.4205
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