Canada Health Spending Accounts

Contents:

• Aren’t my Medical Expenses tax-deductible now?
• What is a health spending account
• How does a Health Spending Account work?
• What is the advantage to opening a HSA?
• How do I open an account?
• How do I submit receipts?
• What Are Eligible HSA Expenses
• What is an eligible expense?
• Is there a waiting period for when claims can be submitted?
• What Happens to the money if I don’t use it that year?
• Can we contribute different amounts for different employees?
• 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?
• I have expenses that were incurred before the start date. Can I submit those into my HSA?
• What if my expenses exceed the amount in my HSA?
• I am currently paying for a private Health & Drug Plan. Can I pay for this through my HSA?
• I am currently paying for a private Health & Drug Plan. Can I claim expenses that they will not reimburse for me?
• My Chiropractor (Physiotherapist, Osteopath, Optometrist, etc.) has recommended a supplement or product that he can also supply, but my normal health plan will not cover this cost. Can I claim this expense with my HSA?
• My spouse has coverage however it only pays out 80%, can I submit the remaining 20% for reimbursement by my HSA?
• What if I terminate employment or what if I have an employee who quits?
• Employee HSA Contributions
• What are the costs associated with opening a HSA?
• What happens to the funds in the account should I die?
• Who can be listed as an eligible dependent?
• How does a Health Insurance Plan work with a HSA?