Depending on which pre-tax benefit you are looking to update, you will have varying ability to change your election amount mid-year.
Flexible Spending Accounts (DCFSA, HFSA, LPFSA)
As a general rule, it is not possible to change your election mid-year, so you will have to wait until the next election season.
That being said, there are certain situations — generally referred to as qualifying life events (QLE), or changes in status — that may be an exception. Examples of qualifying life events include:
- Changes in marital status
- Changes in number of tax dependents
- Changes in employment that affect eligibility for health insurance benefits
- Changes in eligibility for you or your spouse/dependents
- Death of a spouse/dependent
If you've experienced a qualifying life event and would like to change your election, you will need to update this with your employer. Once this change has been made on their end, your Benepass account will be updated accordingly.
Commuter (Transit, Parking)
Commuter benefits are managed on a month-by-month basis. You can update your monthly election amount at any point throughout the year, and this change will be updated on your next month's contribution. You can both increase (up to the IRS-set limit) and decrease (down to $0) your election. You will update this amount with your employer, and your Benepass account will be updated accordingly.
Health Savings Account (HSA)
HSA's are individual accounts and you are able to update your contribution amount at any point throughout the year. The IRS sets an annual contribution limit for HSA's which means you'll need to make sure updates to your contribution amount don't cause you to exceed this limit. You will update this amount with your employer, and your Benepass account will be updated accordingly.
Questions? We are happy to help! Please reach out to Benepass Support for any assistance.