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Archive for the ‘FAQ’ Category

What is an eligible expense?

1 – Service must be performed by a licensed medical practitioner, 2 – Items must be prescribed by a licensed medical practitioner & dispensed by a licensed medical practitioner or a pharmacist. For a general list of practitioners, please see the CRA publication: “Authorized medical practitioners by province or territories […]

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 […]

Can we contribute different amounts for different employees?

Contribution levels can be based upon employee classes. If the employer can clearly define classes for employees, different amounts can be offered. However, if you have two employees doing the exact same job (i.e. if you have two full-time receptionists) they must be given the same amount. For a  Private […]

I am an incorporated business owner and would like to have a HSA. Do I have to provide HSA’s to my full-time employees?

As long as you can prove that you are in a class of your own (i.e. executive), you do not need to offer the benefit to all employees.

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.

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 […]

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