No two employees are alike. Each person has individual health-related needs and expectations about what their benefits plan should provide depending on factors like their age, stage of life, and lifestyle.
The Chambers Plan HSA helps you boost coverage flexibility for employees and control costs by letting members pay for expenses not included in their plan, cover amounts that exceed their limits, and ultimately adapt their benefits to reflect their needs.
Keep reading to learn more about the Chambers Plan HSA, including how you can set it up and the benefits it can bring to your organization.
What Is an HSA?
An HSA provides employees with a pre-set amount of money they can use to cover expenses that might not be included in or go beyond their existing coverage. Plan members can use their HSA funds to reduce out-of-pocket expenses, top-up benefits, and pay deductibles.
The Chambers Plan HSA is designed to supplement, rather than replace, your existing Health and Dental Coverage. It is there to complement the insured group coverage you already have in place and is not a standalone offering.
What a Chambers Plan HSA Can Cover
An HSA can cover, but is not limited to, the following expenses:
- Dental services such as orthodontic treatment
- Prescription drugs out-of-pocket expenses
- Vision care such as laser vision correction
- Medical facilities and devices
- Additional coverage for services such as chiropractic and massage
For more information on eligibility or eligible expenses, visit Revenue Canada’s website.
How Do I Setup a Chambers Plan HSA?
To start, you need to choose a maximum amount that members and their families (where applicable) can access over each calendar year. The amounts can range from $100 to $5,000.
Next, you select your type of plan (or plan design):
- No Carry Over: Employees have to use the funds allotted to them within the calendar year. If they do not do that, their unspent funds will be forfeited.
- Funds Carry Over: Unused funds from year one will be added to year two. Annual balances can only be carried over once, and any portion of year one’s allotment that remains unspent at the end of year two will be forfeited.
- Claims Carry Over: Claims from year one can be carried over into year two and can be reimbursed with year two’s funds.
The Benefits of Adding to Your Group Coverage with a Chambers Plan HAS
- Improve Cost Certainty: There are no set-up fees and no pre-funding as employers only pay for the claim costs incurred plus an administration fee (equal to 10% of paid claims) and applicable taxes.
- Increase Flexibility: Allowing employees to apply HSA funds to pay for deductibles, co-insurance, and amounts above coverage limits enables them to adjust their benefits to suit their needs.
- Enhance Coverage: Costs that qualify as medical expenses under the Canadian Income Tax Act can be covered by an HSA. For more information on eligibility or eligible expenses, visit Revenue Canada’s website.
An HFG advisor is happy to sit down with you and discuss your group insurance needs, goals, and budget. We will provide you with a detailed analysis of which benefits plans best suit your needs. Get in touch with an HFG advisor today to get started!