What does it mean by "Plan Year funds exhausted"?

Just like most traditional benefit Plans, HSAs also fall into a 12-month Plan Year.

The intent is for Plan Year funds to be used for the reimbursement of claims dated within the Plan Year.

For even more detailed information, including examples, check out our article Health Spending Account Plan dates affect claim reimbursements.

That means if you've used up your funds for the current Plan Year, you won't be able to carry forward claimable expenses from the current Plan Year to be reimbursed using the next Plan Year's funds.

We'd love it if we could, but we have to follow the sometimes pesky guidelines that the CRA sets out, in order to protect you from any possible future tax implications - and no one wants that!

We'll definitely reimburse whatever we can using current Plan Year funds, and any outstanding balance will be ineligible if Plan Year funds are exhausted.

This is when you'll see a claim note in the claim in your online Member Centre indicating "Funds exhausted for Plan Year".

 

 

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