If you’re wondering whether you can reallocate your carryover funds within your myFlexplan, the short answer is: unfortunately, no.
Once you’ve made your initial allocation decision, reallocating funds isn’t possible. This limitation is not just a platform rule—it’s a requirement set by the Canada Revenue Agency (CRA). The CRA mandates this rule to maintain what’s known as an “Element of Risk” within Health and Wellness Spending Accounts.
What does “Element of Risk” mean? It ensures that these plans function as intended: to encourage proactive decision-making about benefit fund usage at the start of the benefit year. This structure is what allows these plans to remain tax-efficient and compliant with CRA guidelines.
While it might feel restrictive, this approach has an important purpose: it ensures fairness and adherence to the tax laws that make these benefits so advantageous.
For questions or tips about making the best use of your myFlexplan, feel free to reach out to our support team at support@getmyhsa.com —we’re here to help!