Question: How does the carryover of unused credits work, and is it automatic?
Answer: On some* myHSA plans, unused credits from your Health Spending Account (HSA) or Wellness Spending Account (WSA) can be carried forward to the following benefit year. This automatic process, known as Carryover, ensures that eligible credits don’t go to waste—provided your plan allows it.
Here’s everything you need to know:
*Check Your Plan’s Carryover Policy
To find out if your plan includes carryover, follow these steps:
Log into your myHSA account.
Go to the Plan Details section on your dashboard.
Look for the line that says "Carryover":
If it says “Carryover - YES”, you’re in luck! Your unused funds will roll over to the next benefit year.
If it says “Carryover - NO”, you’ll need to use your credits before the deadline, as unused funds will not carry over.
How Carryover Works
1. During the Grace Period
If your plan allows carryover, unused funds can be applied toward:
Outstanding claims from the previous benefit year. These claims can be submitted during the grace period, using the combination of carryover funds and any reserves available.
2. After the Grace Period
Once the grace period ends, any remaining carryover balance is automatically applied to the new benefit year. For new claims, the funds will:
First draw from carryover credits.
Once carryover credits are exhausted, new claims will use current-year funds.
Is the Carryover Automatic?
Yes! If your plan includes carryover, the process is fully automatic, ensuring a seamless transition of unused credits into the next benefit year. You don’t need to take any additional steps—your account will automatically manage the prioritization of carryover funds for claims.
Maximizing Your Credits
If your plan allows carryover, it’s a great opportunity to make the most of your benefits:
Review your Plan Details early in the year.
Keep track of your expenses and the grace period deadline.
Use your carryover funds wisely to cover eligible claims before drawing from your current-year balance.
Have Questions?
For more information or assistance with your carryover credits, reach out to our support team at support@getmyhsa.com. We’re here to help you make the most of your plan!