It can be hard to understand your balance and how it can be applied when you don't know what the difference between "Current", "Carryover" and "Reserve" is. Here are the definitions of each!
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​Current Balance: The Current balance signifies the primary funds you receive during your most recent myHSA renewal. These funds are meant to be used for the current year to cover your immediate expenses.
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Carryover Balance: If your plan says "Carryover - Yes", unused credits from your account can be carried forward to the following benefit year, creating the Carryover balance. These funds can settle outstanding claims from the previous year or be used for expenses in the new benefit year. They complement your Current balance and provide extended benefits into the next period.
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For outstanding claims from the previous year, during the grace period, the Carryover balance can be utilized along with the Reserve balance. In the absence of outstanding claims, the Carryover balance can be applied toward the new benefit year. When making new claims, these funds will be utilized first, followed by the Current balance.
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Reserve Balance: The Reserve funds are specifically reserved for submitting past year claims during the Grace Period. These funds allow you to address outstanding claims from the previous benefit year. However, once the Grace Period ends, these funds expire and cannot be used for new claims in the subsequent benefit year.
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Understanding and effectively using your myHSA balances ensures you maximize your health spending.
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Should you have further questions or need assistance in navigating these balances, our team is here to help. Start a chat in the bottom right hand corner, or email us at support@getmyhsa.com !
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