Health Spending Account
Ron and Jane's two teenagers require braces. But Ron's benefits plan doesn't include coverage for orthodontic treatment and Jane's benefits plan only covers 50 per cent of the cost for such care. Ron isn't worried. His group benefits plan includes a Health Spending Account, a fund of benefit credits available for medical and dental expenses beyond the company's coverage. He appreciates the ability to choose where he can use his credits for eligible expenses, especially when he sees his teenagers' smiles. Now if only he could choose what his kids snacked on....
As part of a traditional or flexible benefits plan, a Health Spending Account (HSA) is an easy way to offer health and dental benefits choice and self-service to plan members.
Plan sponsors allocate HSA credits into each plan member's account every year. The plan member may use the allocated credits as needed for eligible health-related expenses not covered by provincial health plans or by the organization's regular benefits plan. This can include expenses such as:
Deductibles or co-insurance payments for health and dental expenses
Health or dental expenses in excess of maximum coverage amounts
A wide range of other health-related expenses not covered by your organization's health and dental plan that qualify as a medical expense tax credit under the Canadian Income Tax Act
To find out more: