Question: How do I change my plan allocation for next year, and where do I go to make this change?
Answer: Plan allocation changes can be made after your annual plan renewal. During the renewal period, you can log into your account and access the newly redesigned Allocation Tab to adjust how your benefits are distributed for the upcoming year. You will receive an email from us on the day your allocation window opens, inviting you to log in and allocate your funds.
A Guide to Your Allocation Tab
The Allocation Tab is a user-friendly feature designed to provide employees with flexibility and visibility in managing their benefits. It allows you to allocate your myFlexplan dollars between options such as your Health Spending Account (HSA), Wellness Spending Account (WSA), or other benefits provided by your employer. With its new design and additional resources, managing your allocations has never been easier.
Here’s what’s new:
Key Features and Updates
1. Flexibility with 'Allocate Later'
In the past, you were required to allocate funds before accessing certain account features. Now, with the 'Allocate Later' option, you can take your time. This feature allows you to:
Submit claims from the previous year.
Explore covered items in detail.
Make informed decisions about your allocations without feeling rushed.
2. New Resources and Guidance
Understanding your options is easier than ever. We’ve added:
A video tutorial to guide you through the allocation process.
A “Why do I have to Allocate” button that explains the Canada Revenue Agency’s (CRA) requirements for allocating funds at the start of the benefit period.
3. Permanent Tab Access
Gone are the days of pop-up screens! The Allocation Tab now lives permanently on the left-hand side of your myFlexplan account. This update allows you to:
Review your last allocation.
Reference your allocations throughout the year.
Make adjustments annually based on your usage and preferences.
4. Real-Time Countdown
Never miss an allocation deadline again! A real-time countdown displays the number of days remaining to complete your allocations, so you can plan accordingly.
5. Clear Lists of Covered Items
The Allocation Tab includes a comprehensive list of eligible expenses for both HSA and WSA. This transparency helps you make informed decisions about where to allocate your funds, ensuring you’re prepared for the year ahead.
Empowering You to Take Control
The updated Allocation Tab gives you the tools you need to manage your benefits with confidence and ease. By improving flexibility, enhancing resources, and ensuring compliance with CRA guidelines, we’re making it simpler than ever to maximize your flexible benefit options.
Need Help?
If you have questions or need assistance with your allocations, our support team is here to help. Reach out to us at support@getmyhsa.com or check out the tutorial video available in your account.
Take charge of your benefits today and make the most of your plan renewal period!