If you miss the allocation deadline, don’t worry—your funds won’t disappear! However, they will be auto-allocated based on the plan design set by your employer.
Here’s what you need to know:
Auto-Allocation Kicks In
Once the deadline passes, the system will automatically allocate your benefits dollars according to the default settings in your employer’s plan. This might mean your funds are split between your HSA and WSA, or placed entirely in one account, depending on the design.It Won’t Copy Last Year’s Allocation
If you’re hoping your allocation from last year will roll over automatically, it won’t. Every year is a fresh start, so it’s important to make your allocation choices before the window closes if you want full control.Why the Deadline Matters
The allocation window is part of CRA compliance to ensure your benefits plan functions as intended. Locking in your allocations is an important step to maintain the fairness and structure of the plan.
Pro Tips to Avoid Missing the Deadline
Set a Reminder: Add the allocation deadline to your calendar so you have plenty of time to make your choices. We will also send you reminders throughout, on the first day, the middle of your allocation, and the last day you have to allocate your funds!
Plan Ahead: Take a few minutes to review your expected expenses and decide where your funds will be most useful.
Ask for Help: If you’re unsure about your options, your Plan Administrator or myHSA Support can help explain how your plan works.
Taking a few moments to allocate your funds ensures you get the most out of your benefits plan—and keeps you in control of how your dollars are spent!