When can I set up an HSA plan?

If your company is offering an HSA-compatible, high-deductible health plan (HDHP), you can set up an HSA  at any time. Your HSA plan’s start date depends on when you finish setting up your plan. Employers must finish setting up the plan:

  • on or before the 15th of the month, your plan will start on the 1st of the next month.
  • after the 15th of the month, your plan will start on the first of the month after the next.
Employees will have until the 25th  of the month to start on the first of the next month. If the enrollment is completed after the 25th, then the plan will start on the first of the following month. 

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