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Use your Healthcare Spending Account (HCSA) money – don’t let it expire!

Written on Aug 19, 2021

By Loyda Ortiz

    REMINDER: If you have Orange or Green Leaf coverage 

    Your HCSA money is part of your benefits coverage, but it can only be carried over for one year. If you have money left in your account from 2020, it will expire on December 31, 2021 – so make sure you spend it soon.

    You can check your HCSA balance any time by signing in to Canada Life’s GroupNet > Coverages & balances.

    Still have money left in your HCSA for this year?

    It’s a good time to consider what you might use it for. Some ideas? You can use it for one or two bigger items, or for a bunch of smaller expenses. For example, you can submit claims to help:

    • Pay for or subsidize the cost of vision care/glasses – or prescription sunglasses – above your coverage amount;
    • Cover prescription drug co-pay amounts;
    • Cover dental costs or other medical expenses that may not be covered for you; or
    • Get a massage or chiropractic adjustment – pay for additional paramedical costs over your limit/year per practitioner type.

    Keep in mind...

    On Jan 1, 2022, Green and Orange Leaf members will receive a new deposit to use for the coming year.

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    Re-enrollment
    for 2022-2024
    starts in November

    You may want to start thinking about your benefits needs, and if anything has changed for you.

    >WATCH VIDEO

    A reminder that the HCSA can be used to help pay for medical, prescription drug and dental-related expenses that are not otherwise covered under the CB Benefits plan (or any other private or government healthcare plan), but that are allowed under the Income Tax Act for you or your dependants.

    Eligible HCSA expenses: The list may surprise you

    > Here’s a summary list of eligible expenses. 

    There are literally hundreds of expenses that can be covered. For a complete list, refer to subsection 118.2(2) of the Income Tax Act. Additional information on many of these expenses can be found at www.canada.ca in the Income Tax Folio S1-F1-C1: Medical Expense Tax Credit section.

    Making HCSA claims is easy! Here’s how…

    Just sign in to Canada Life’s GroupNet > Make a claim > Start online claim.

    • If you are filing a claim that will be partially paid under Health, Drugs, Vision or Dental, then start with that. When you get a question that asks: “If your plan only covers part of the expense, do you want your spending account to cover the rest?” Click YES. That’s it!

    • If you are filing a claim that is entirely an HCSA expense, then choose Healthcare Spending Account and follow the instructions.

    Of course, you can still file a claim with a paper form too. You can get forms here.

    NOTE: If you can claim an expense under another plan (such as the health and dental plan, your spouse’s benefits plan or a government drug plan), you must do that first before submitting your claim under the HCSA.   

    Questions

    If you have questions about the HCSA and how to make claims, please contact Canada Life at 1‑800‑957‑9777, weekdays 8 AM to 8 PM Eastern time.

    Want a refresher and tips for benefits re-enrolment?
    Sign up for our October 27 webinar!

    Benefits: Getting ready for re-enrolment

    > LEARN MORE & REGISTER NOW

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