How the “Use-It-or-Lose-It” Rule Actually Helps You Get Maximum Value
Are you losing money on the table by not taking advantage of your dental or health benefits before the year ends? The “Use-It-or-Lose-It” rule can impact your benefits in ways that many do not know about. Unused benefits truly do expire, and thus, you lose money if you don’t use them.
Understanding this rule empowers you to leverage what you have already paid for. This blog informs you of how to use the “Use-It-or-Lose-It” rule to maximize your benefits.
What Does ‘Use-It-or-Lose-It’ Mean for Your Benefits?
The “Use-It-or-Lose-It” rule says that benefits like dental, health, or flexible spending accounts reset every year. If you don’t use them, you forfeit them.
An example is dental care, paying for things like cleanings or fillings. Similarly, FSA money can only be used for qualifying medical expenses within one year. These benefits roll over after December 31st, with unused balances to be wasted.
Why You Should Take Advantage of ‘Use-It-or-Lose-It’
Operating under the “Use-It-or-Lose-It” rule ensures you get the most for your benefits. Using your benefits before they expire assures you’re not leaving dollars behind. Unused benefits equal lost dollars.
As an example, if you don’t go for a dental cleaning until year’s end, you forfeit the money already paid into your insurance. Make sure to make the most of each dollar of your benefits.
Getting the Best Out of Your Benefits
Run checks on your benefits beforehand to avoid losing them. Examine your benefit balances, whether dental coverage or an FSA, to see what you have available. Anticipate and schedule dental checkups, and even purchase items before benefits expire.
Too many times, individuals overlook preventive care such as dental cleanings. Anticipate to avoid last-minute dashing and throwing away your benefits.
Examples of Services You Can Use Before Year-End
Preventive care, such as dental cleaning, is covered by you. They pay off in the long term by detecting problems early. Use your remaining funds on treatments such as crowns, fillings, or check-ups.
Don’t forget about over-the-counter (OTC) benefits, which usually cover drugs, supplies, and other aids to health. Make sure you use all that you have before it expires.
What If You Don’t Use Your Benefits?
Not utilizing your benefits means losing opportunities to save. Unused funds simply vanish when the year ends. If you don’t do anything, you’re leaving behind hard-earned money.
A few benefits transfer or are available for future use, but many don’t. It’s better to plan and utilize your benefits before they are lost. Don’t allow benefits to go to waste without utilizing them.
The “Use-It-or-Lose-It” policy is a harsh ultimatum to get the most out of your benefits. Don’t allow unused funds to go to waste. Review your remaining benefits, schedule your appointments, and make any purchases you must make.
Taking action today guarantees that you’re not leaving money on the table. Get the most out of your benefits. Schedule your dental appointment today and miss out on none of your benefits before the deadline.
