Nailing your Allocation Equation
A new plan year’s coming down the pike, which means—if you’ve got both a Health Spending Account (HSA) and Wellness Spending Account (WSA)—it’s time to decide how you’d like to allocate your spending account credits for 2019-20! Whether you’re looking at a new pair of prescription glasses or some shiny new sports equipment (Plan 1 or Plan 2), you can choose to allocate your spending account credits where you’re most likely to need them.
If you do have both accounts, you’ll have until either September 2 or 3 (depending on your employer) to allocate credits to either one or both accounts for the upcoming plan year, which runs from September 1, 2019, to August 31, 2020. Please note that if you’ve already submitted yours, you can still change how you’ve allocated your credits up until August 31 when the plan year officially ends.
A Precision Decision
Before you allocate your credits—measure twice, cut once, and all that—here are a couple of things you may want to know:
- If you’re unsure about your allocation deadline or whether you have both kinds of spending accounts, simply check out your My ASEBP account to find out.
- For information about eligible expenses for either your HSA or WSA, visit Spending Accounts. There you’ll find a couple of handy resources that can help guide your decision-making so you’re making the most of your accounts.
- If you’re currently on a leave of absence, you may or may not receive spending account credits—please contact your employer to confirm whether or not you should be. If you do receive credits, you’ll need to submit your allocation by the deadline specified for your employer (rather than when you return to work); if you miss this deadline, any credits you receive will be deposited to your HSA instead.
There you have it! With a little bit of foresight, you’ll be able to get your allocation just right.