No. This is a common misconception. Medical and Health care expenses are never tax-deductible on personal taxes, but instead are eligible for a tax credit only. If your medical claims are less than 3% of your taxable income in a year, you get no credit whatsoever. Now you can choose […]
The plan Administrator requires all original receipts along with a completed claim form. When you are requesting reimbursement for health expenses previously submitted to an insurance plan, and are requesting reimbursement for the portion they did not cover, submit the original copy of their member statement to you (the statement […]
For eligible HSA expenses, a service must be performed by a licensed medical practitioner, and items must be prescribed by a licensed medical practitioner & dispensed by a licensed medical practitioner or a pharmacist.
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 […]
No. As soon as your account application is accepted, you will receive a User Guide and Claims Package, you can then submit claims immediately.
Expenses incurred on or after the start date can be paid through the HSA. Claims incurred before the start date are not eligible.
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 […]