An HSA is an extra benefit that provides reimbursement for qualified healthcare expenses that are not otherwise covered by your OSSTF Benefits Plan.
Contributions will be:
Family - $500.00 (for 2024-2025)
Single - $250.00 (for 2024-2025)
You can make claims for eligible expenses that you incur during the Benefit Period. If you don't use all of the funds available in the Benefit Period, those funds will roll forward into your new Benefit Period for expenses incurred during that time.
These contributions can be used towards eligible medical expenses for you and your dependants. You can share the funds between the family members, however you need, but, keep in mind we can only reimburse based on the amount in your account.
You’ll appreciate the flexibility of an HSA. Reimbursable expenses are more flexible than extended health benefits because there are no limits by service type, the only limit is the amount in your account. A nice complement to your existing benefits, the HSA can be used towards any eligible medical and dental expenses allowable under CRA guidelines.
You can read more about Benefit Periods here: Explaining Benefit Periods
Because they are provided on the basis that they will be used for healthcare expenses, the funds are 100% tax free.