Health Spending Accounts (HSAs) and Wellness Savings Accounts (WSAs) are of the most versatile tools to provide health and wellness benefits for your business’ employees and for yourself. While following the guidelines set forth by the CRA, HSAs cover a litany of expenses including massage, vision, dental, health insurance fees, physiotherapy and prescriptions amongst many others. Unlike traditional health insurance plans, an HSA offers total coverage for these and other eligible expenses. An HSA includes zero premiums, restrictions, nor deductibles. Below, we cover the top 5 CRA-eligible expenses.
- Massage and Physiotherapy
Services provided by licensed massage therapists and physiotherapists are covered by HSAs. As mental health is becoming equally as important as physical wellness, this category is becoming an increasingly more frequently claimed.
- Vision-Related Expenses
Vision-related expenses including laser surgery, contact lenses and solution, prescription sunglasses and more can be covered through an HSA.
- Dental Expenses
Dental expenses grow increasingly more expensive. This is a key reason this category is one of the most common claims by HSA users representing almost half of all claims (by dollar amount). Checkups, implants, root canals, and whitening are all potential HSA dental claims. Families have the ability to claim 100% of family braces is an attractive use of HSA users.
- Health Insurance Fees
An HSA can be combined with a private health insurance plan. Premiums and/or health insurance expenses not covered by insurance plans can still claimed by an HSA. Many health insurance plans only cover 50% or 80% of some expenses. An HSA can be used to pay the difference so the individual is not net out-of-pocket for any health expenses.
- Prescription Drugs
Many prescription drugs represent large financial commitments for individuals. Using an HSA to pay for these expenses can be a huge cost-saver.
You can see a full list of CRA-eligible expenses here.
As you can see, an HSA has the ability to cover many routine and expensive health-related expenses. Contact HSA Group today if: