What is a health spending account and how does it work?

  • Updated

It's really simple! An HSA is an extra benefit that provides reimbursement for qualified healthcare expenses that are not otherwise covered by your OSSTF Benefits Plan.

A one-time $1,000.00 contribution has been made to an HSA for all OSSTF Benefits Education Workers who meet the qualifications. This $1000.00 contribution 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 a maximum of $1000 for all claims submitted.

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.

Because they are provided on the basis that they will be used for healthcare expenses, the funds are 100% tax free.