The amount of your balance that rolls over depends on two key factors: how much you have left at the end of the benefit year and whether your plan includes carryover limits. Here’s how it works:
Check Your Plan Details
Not all plans allow for carryover, and those that do may have specific limits. You can find this information in your plan details—just log into your myHSA account or reach out to your Plan Administrator if you’re unsure.
Carryover Rules
If your plan offers carryover, it’s important to know that the unused balance can only roll over for one additional year. After that, any remaining funds will expire. This rule helps keep the plan compliant with CRA guidelines and ensures that funds are used as intended.
Use It Before It’s Gone
If carryover is available, you’ll want to plan your expenses carefully to make sure you use the funds within the next benefit year.
Quick Tips
Track Your Balance: Keep an eye on your available funds so you can make the most of them. You can see your balance on your dashboard any time!
Plan Ahead: If carryover applies, think about upcoming expenses and how you can use the remaining balance efficiently. Submit your claims in order of oldest to newest to make the most of your funds.
Double-Check Deadlines: Be aware of when your carryover funds will expire so you don’t miss out.
Knowing how carryover works can help you maximize your benefits and avoid losing funds at the end of the year!