An HCSA is, in essence, an individual plan member's account that provides reimbursement for covered expenses such as:
Eligible expenses not covered under a current benefit plan;
Eligible expenses in excess of current plan maximums;
Co-insurance and deductibles charged by current benefit plans; and
Expenses for dependents not eligible under other benefit plans, but eligible under the broader Canada Revenue Agency (CRA) definition of dependent health and non-health related expenses.
A health spending account provides an attractive option to meet the needs of a diverse group of staff. It allows your team the flexibility to use their benefits dollars as they want and maximize their benefits.
For example, staff who are covered under another benefits plan through their spouse can use it for additional coverage for things like massage therapy. For those who may not have other coverage, they can use it for more routine things like dental and vision care.