The end of the year is quickly approaching, which means it’s time to make sure you’re taking full advantage of your employee benefits before time runs out. Many employee benefits have use-it-or-lose-it deadlines or contribution limits that reset each year, so it’s important to review your benefits package and take action before the new year begins.

Flexible spending accounts (FSAs) let you set aside pre-tax dollars for qualified health or care expenses. The catch is that FSAs often have a use-it-or-lose-it policy, meaning that unused funds are forfeited at the end of the year. Calculate your expected expenses for the rest of this year and early next year, while there's still time to rack up more expenses. If you have money left in your FSA, stock up on eligible expenses now before the year ends.

Like an FSA, a health savings account (HSA) lets you contribute tax-free dollars for medical expenses. The advantage of an HSA is that unused funds roll over from year to year. For 2023, the annual contribution limits are $3,850 for individual coverage or $7,750 for family coverage. Review what you’ve contributed so far and, if possible, increase your monthly contributions through the end of the year to reach the annual maximum.

Before any year-end resets occur, make sure you’re taking advantage of any remaining flex time, work-from-home days, or paid time off from your employer. Schedule appointments, address tasks that still need to be completed, and request time off if allowed by your company’s policies. With potential schedule changes looming as the year draws to a close, now is a great time to take advantage of flex time while you can.