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Archive for the ‘FAQ’ Category

Aren’t my Medical Expenses tax-deductible now?

No. This is a common misconception. Medical and Health care expenses are never tax-deductible on personal taxes, but instead are eligible for a tax credit only. If your medical claims are less than 3% of your taxable income in a year, you get no credit whatsoever. Now you can choose […]

What is the advantage to opening a HSA?

Health care expenses for your family, and your dependents related by either blood or marriage, can be paid with your pre-tax income rather than only being able to use the money you have left after paying federal and provincial income taxes (which may range as high as 48%)

How do I submit receipts?

The plan Administrator requires all original receipts along with a completed claim form. When you are requesting reimbursement for health expenses previously submitted to an insurance plan, and are requesting reimbursement for the portion they did not cover, submit the original copy of their member statement to you (the statement […]

What Are Eligible HSA Expenses

For eligible HSA expenses, a service must be performed by a licensed medical practitioner, and items must be prescribed by a licensed medical practitioner & dispensed by a licensed medical practitioner or a pharmacist.

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