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Archive for the ‘Health Spending Accounts’ Category

What if my expenses exceed the amount in my HSA?

There are two possible options: 1 – Partial payment of the claim to the employee of what is in the account and reimburse the remaining amount when more funds become available. 2 – Hold onto the claims until the full amount is in the HSA, then reimburse in full. If […]

I am currently paying for a private Health & Drug Plan. Can I pay for this through my HSA?

Any premiums you pay for a health and drug plan are an eligible medical expense and can be paid for through your HSA. You would need to submit a statement showing the premiums paid to be reimbursed.

I am currently paying for a private Health & Drug Plan. Can I claim expenses that they will not reimburse for me?

As long as the expenses are legitimate claims under a Health and Spending Account (please see: What is an eligible expense?) expenses not covered by your Health & Drug plan can be reimbursed by your HSA. You would need to submit the explanation of benefits page to be reimbursed.

What are the costs associated with opening a HSA?

These can vary, but the plan administrator we recommend, unlike many, charges no set-up fee. There is a single one-time charge, as funds are deposited to your HSA, of 10% (plus applicable taxes which do vary by province). There are no on-going charges.

What happens to the funds in the account should I die?

Contributions remaining in the trust can only be released for eligible medical expenses. If there are dependents listed on the plan they still have access to the remaining funds. However, if there are no listed dependents, the funds stay in the HSA.

Who can be listed as an eligible dependent?

An eligible dependent is defined as a spouse or any member of the household with whom you are connected by blood relationship, marriage or adoption, and who is financially dependent upon you at some point in the year. In addition, this dependent must be a Canadian resident, having resided in […]

How does a Health Insurance Plan work with a HSA?

A basic drug and extended health coverage plan is a great compliment to your HSA. It can protect your HSA in case of catastrophic illness. Obviously, the best possible situation for a Canadian tax-payer is is to have comprehensive Health Insurance, with no deductible, and fully paid for by someone […]

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