myHSA's support team are often asked, "If I get a service this year, can I submit it against my funds at renewal? " Unfortunately, that's not allowed in most cases. This is due to the fact that the service date must pull from the funds available to the employee in that benefit year. This article explains this subject in more depth.
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1. Benefit Year Boundaries

Your benefit balances are tied to specific benefit years. This means the funds allocated for a given year can only be used for services provided within that same year (or, they may be applied to the following benefit years expenses if your plan allows for carryover). The majority of HSA plans do not allow balances from future years (e.g., next year or the year after) to be used to cover services rendered in the current year.
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2. One-Time Appointments

For any service provided via a one-time appointment (i.e., services completed in a single visit), the cost must be reimbursed using the balance from the year the appointment took place.

Example: If you visit a doctor for a consultation on October 15, 2024, you must use your balance available in the benefit year that October 15th 2024 belongs to to cover that cost. You cannot use your following benefit years balance.
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3. Ongoing Treatments

An exception is made for ongoing treatments that span multiple years, such as orthodontic treatment (e.g., braces). For ongoing treatments, costs related to the treatment can be reimbursed across different benefit years as long as the treatment continues and the patient is paying for it in instalments.
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Ongoing Treatment Example:

These guidelines are put in place by the CRA to ensure fairness and proper allocation of tax-free benefits.
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If you have any questions or need further clarification, please do not hesitate to contact our support team at support@getmyhsa.com or open a live chat to speak with a live agent!