No. As soon as your account application is accepted, you will receive a User Guide and Claims Package, you can then submit claims immediately.
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Eligible Expenses, FAQ, Health Spending Accounts
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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?