I have a 1992 Honda Accord LX 4 cylinder automatic. Lately I have been having problems with the transmission shifting. Often I have to start in 1st and then transition through 2nd then into D3 then D4. There also is some hesitation problems like loss of power. I have checked all fluid levels and all levels are good.

At last oil change transmission fluid was replaced ( 1 month ago). I do know timing belt needs to be changed, can this be the issue? If not what are my options?

 

Transmission functionality relies on the engine being in proper working order. Anything that affects engine performance will affect transmission shift characteristics and quality.
Under the glovebox door there is a two wire blue connector, jumper that turn your ignition switch to II(ON) and pay attention to the CEL and D4 lamps. They will blink if there are any stored codes. Record codes, post back here.
Timing belts don't stretch so they will not affect engine performance, not until they strip or break. Otherwise no.