Year round HSA elections - how do you handle?
SummaryYear round HSA elections - how do you handle?
All year long employees are allowed to change their HSA election contribution amount. We have set up a self service life event to do so. The standard rate is set to annual rate based on coverage. So if someone enters 1,000 as amount, the rate would be approx $38.46 (which is 1,000/26). Then if someone goes in half way through the year and changes their coverage amount to 2,000 the rate would be approx $76.92.
Is this how others handle this?