As the new benefit year commences, it’s crucial to make the most of the funds from the previous year's benefits if you still can. Some plans with myHSA offer what is called a "Grace Period" for submitting claims from the previous benefit year. This grace period allows individuals to finish up submitting their claims from the last benefit year, and make sure that no funds go to waste.
Here's a step-by-step guide on how to submit claims from the previous year effectively:
1. Check for Available Funds
The first step in optimizing your balance is to check for any "Carryover" or "Reserve" funds. These residual balances are what remains from the previous benefit year and can still be used for eligible claims during the grace period (as long as the claims are from the previous benefit year of course). Log in to your account and navigate to your dashboard, where these balances should be displayed under your current balances.
2. Check your Grace Period
Navigate to your "Plan Details" section within your account (on your dashboard). Here, you'll find comprehensive information about your benefits, including the duration of the grace period. The grace period determines how long after the end of the benefit year you can submit claims for services provided in the previous year. Understanding this timeline is essential to ensure you meet the deadline for submitting claims.
3. Submitting Claims from the Previous Year
When you're ready to submit a claim from the previous benefit year, ensure you select a service date within that specific period. By choosing a service date from the previous benefit year, the system recognizes that the claim is tied to the previous year's balance.
Tips for Effective Claim Submission:
Keep Track of Dates: Maintain a record of service dates to accurately align them with the previous benefit year's timeframe. Make sure you submit them in consecutive order of service date to make the most of your balances!
Be Mindful of Deadlines: Stay aware of the grace period's end date to submit claims promptly and avoid missing out on utilizing available funds.
Submitting claims from the previous benefit year requires a strategic approach to maximize available funds. By proactively checking for remaining balances, understanding the grace period duration, and accurately submitting claims tied to the previous year, individuals can optimize their benefits and minimize unutilized funds.
Questions? Reach out to us via Live Chat or our email at support@getmyhsa.com