Add More Choice and Flexibility to Your Coverage to Attract and Retain Talent
Every employee is unique, with individual health-related needs and expectations about what their benefits plan will provide depending on their age, lifestyle, and stage of life. Health Spending Accounts (HSAs) give their coverage some extra adaptability by allowing them to cover expenses that exceed or are not included in their plans, adjusting their benefits to reflect their needs.
At HFG, our experienced advisors help you understand the benefits of Health Spending Accounts, customizing your HSA to meet the needs of your organization.
What is a HSA?
A HSA is an innovative tool for attracting and retaining talent that 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.
What a Chambers Plan HSA Can Cover
A 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 to Set up a Chambers Plan HSA
First, firms need to choose a maximum amount of funds for each plan member and their family for each calendar year. The amounts can range from $100 to $5,000.
Next, select a plan design:
- No Carry Over: Members need to use their allotted funds within the calendar year. If they do not, 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.