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Archive for the ‘Health Spending Accounts’ Category

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%)

Is there a waiting period for when claims can be submitted?

No. As soon as your account application is accepted, you will receive a User Guide and Claims Package, you can then submit claims immediately.

What Happens to the money if I don’t use it that year?

All unused funds roll-over to the following year. • With an Health Welfare Trust (HWT) for a  Company that is Incorporated – Account funds will role over indefinitely. • As with a  Private Health Services Plan  (PHSP)  used by sole proprietors, self-employed,  contractors, consultants, tradesmen, professional corporation etc.  – Two year forfeiture […]

I have expenses that were incurred before the start date. Can I submit those into my HSA?

Expenses incurred on or after the start date can be paid through the HSA. Claims incurred before the start date are not eligible.

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