Funds for various employee accounts become available based on the plan type, employer contributions, and file processing methods.
This article provides details on when funds will be available in employees' accounts for various benefits, Health Reimbursement Arrangement (HRA), Lifestyle Spending Accounts (LSA), Flexible Spending Accounts (FSA), Dependent Care FSAs (DCFSA), Medical Transit Accounts (MTA), and Commuter Accounts.
Question(s):
- When will funds be available in employees’ HRA?
- When will funds be available in employees’ LSA?
- When will funds be available in employees’ FSA?
- When will funds be available in employees’ DCFSA?
- When will funds be available in employees’ MTA?
- When will funds be available in employees’ Commuter Accounts?
Answer:
Funds for various employee accounts become available based on the plan type, employer contributions, and file processing methods.
HRA (Health Reimbursement Arrangement)
- The full HRA benefit is available on the first day of the plan year unless
- If HRA balances are managed via contribution files, funds will be available immediately after file processing.
LSA (Lifestyle Spending Account)
- The full LSA benefit will be available on the first day of the plan year unless
- If LSA balances are managed via contribution files, funds will be available immediately after the contribution file is processed.
FSA (Flexible Spending Account)
- The full FSA election is available on the first day of the plan year.
DCFSA (Dependent Care FSA)
- Because DCFSA funds accrue across each payroll, funds will be available either when contribution files are sent, or according to the payroll schedule if contributions are managed by Lively without files.
MTA (Medical Transit Account)
- The full MTA benefit is available on the first day of the plan year.
Commuter Accounts
- If elections are managed by Lively, funds are available on the first of each month for which an employee or the employer elects to contribute.
- If elections are managed outside of Lively and contributions are reported on a contribution file, funds will be available within 2-3 business days after file processing.
Related Article:
How long do HSA contributions typically take to post to my emplooyees' accounts?
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