Overview
Health Spending Account (HSA) contributions are usually set for the year. Once a benefit period starts, they don’t normally change.
However, life happens.
In some cases, a life event can make it reasonable to adjust HSA contributions.
A life event is an unexpected change in a Member’s work or family life, or benefits access.
Not every life event qualifies as a reason to change contributions, but there are some that do.
The guidelines around life events keep HSAs fair and consistent and adhere to CRA rules.
Let’s take a closer look at which life events qualify, and those that don’t.
The details
Changes in job status
Changes to a Member’s role or employment setup may qualify, including:
- Moving from part-time to full-time (or the other way around)
- A change in position or responsibilities
- A salary change
- A promotion (for example, moving from a junior role to a senior role)
Changes in the number of dependants
Life events related to family status might qualify, such as:
- Marriage, separation, or divorce
- The birth or adoption of a child
- Elderly parents becoming financially dependent
Even when expected, these changes can shift a Member’s needs and may justify changing contributions.
Changes in spousal coverage
Changes to a spouse’s benefits coverage may qualify, including:
- A spouse gaining benefits through a new employer
- A spouse losing benefits due to job loss or role change
HSAs can work on their own, or along with other benefits, so these changes can make a real difference.
Examples that don’t qualify
Some situations don’t meet the CRA threshold for a life event, including:
- Purchasing a new home
- Home renovations
- Extended travel plans
- Using up HSA funds earlier than expected
- Getting a new pet (even a very cute one 🐶 )
Anything else?
If you’re unsure whether a situation qualifies as a life event, reach out and our Customer Experience team will take a look at the situation.
Just fill out the Support Form in your Member or Plan Centre or say hello@blendable.ca. Include the details of the changes you’d like to make and we’ll review.