December 27th 2024

Your Financial End-of-Year Checklist: Insurance Planning, Estate Planning, and Other Considerations

Having a financial plan going into the new year is incredibly important to help you meet your financial goals and to ensure that you are adequately prepared. In this second installment of your end-of-year financial checklist, we will be discussing insurance planning, estate planning, and other key considerations for you to plan for.

Insurance Planning

Are you currently enrolled in Original Medicare?
If so, consider the following during the fall open enrollment period:

Review your Annual Notice of Change letter from your prescription drug plan (Part D) provider to be aware of a significant premium increase and confirm that the plan still covers your medications.

Are you currently enrolled in a Medicare Advantage Plan?
If so, consider the following during the fall open enrollment period:

Review your Annual Notice of Change letter from your Medicare Advantage plan provider to see if the plan is dropping any of your doctors.

Will you have a balance in your FSA before the end of the year?
If so, consider the following options your employer may offer:

Some companies allow a portion of unused FSA funds to be rolled over into the following year.
Some companies offer a grace period into the beginning of the following year to spend the unused FSA funds.
Many companies allow you 90 days to submit receipts from the previous year.
If you have a Dependent Care FSA, check the deadlines for unused funds as well.

Did you meet your health insurance plan’s annual deductible?
If so, consider incurring any additional medical expenses before year-end, as your annual deductible will reset afterward.

Estate Planning

Have there been any changes to your family or heirs, or have you bought/sold any assets this year?
If so, consider reviewing your estate plan.

Are there any gifts that still need to be made this year?
If so, consider a gift up to the annual exclusion amount.

We hope you find this checklist helpful. If you missed part one, you can read it here. Please reach out to us if you have questions or want to discuss any of the topics in greater detail so we can get working on your end-of-year planning!

Source: fpPathfinder

Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

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