There are a few differences between your original HSA Plan and the OSSTF Benefits HSA! These differences include eligibility dates, fund availability and the 10% Wellness Provision. Let's review below:
Eligible receipt dates
- Your original plan, OSSTF OPT or ESP, started prior to 2020-09-01 so eligible healthcare expenses with service dates prior to that date are reimbursable depending on the availability of funds in that account
- Your second plan funds, OSSTF Benefits HSA, are only available for healthcare expenses on 2020-09-01 or later
Funds availability
- With your original plan, funds are available for use until exhausted
- With the second plan, funds are scheduled to expire 2022-08-31 so you may want to use those funds first for any expenses dated 2020-09-01 or later, for maximum value
10% Wellness provision
- Your original plan provides for 10% of contributions to be available for wellness-related expenses that are not necessarily eligible expenses according to CRA, things like gym memberships and nutritional supplements
- The new plan has no such provision, and all expenses must be eligible according to CRA guidelines