Health Spending Account (HSA)
A Health Spending Account (HSA) is a group benefit that reimburses you for a wide range of health-related expenses, over and above your regular benefit plan. HSA's are administered in accordance with Canada Revenue Agency guidelines. You can claim any item or service allowed under the Income Tax Act of Canada as a medical expense. Your HSA is available for unpaid balances or expenses not covered under your other benefit plans.
Here are some answers to HSA frequently asked questions:
When Do I Get It?
You will start receiving these contributions after successful completion of your probationary period. You can either refer to your specific collective agreement to find out how long your probationary period lasts or contact us.
How Much Do I Receive?
Your Employer has agreed to contribute an amount that is outlined in your collective agreement. But for an example, if your employer is paying $0.45 per straight time hour worked, and your normal work week is 40 hours, then the employer will contribute $18.00 into your HSA. That might sound small but that number will grow fast; after working a year, you could have nearly $900 of tax-free money in that account!
What Can I Use This Money For?
The Canada Revenue Agency (CRA) determines the list of eligible expenses. Click on the following link to see a full list of eligible expenses: Canada Revenue Agency List . The list includes things such as vision care expenses, prescription drug expenses commonly excluded on Extended Health Care plans, paramedical practitioners, adult orthodontics (dental braces), etc.
How Can I Find My Balance
In addition to you receiving quarterly reports in the mail, you can contact us anytime to find your balance at 1-844-293-2330 or email email@example.com.
How Do I Get Reimbursed?
Please use the CWU Health Spending Account Claim Form and remember to attach original detailed receipts and any benefits statements if the expense has been submitted to any other coverage you may have. Submit your form and other documents to CWU by email or mail. The submission information is also provided on the form.
Can I Set-Up Direct Deposit
Yes. Please fill out the HSA Direct Deposit Form and email or mail it in according to the instructions on the form.