As part of our benefits package we get a HSA: Health Spending Account. Most people get their purchase of eye glasses reimbursed with this amount. I dont use eye glasses. But the guidelines for use are very vague. Last year I had let the whole amount lapse and I felt this was a big waste. This year I have 2 months to do something with this amount. Any suggestions?
Thanks in advance!
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smile ...
From my understanding HSA is just like any saving account but some of them have condition attached that if the money is not withdrawn and used within certian time frame, it will lapse. So as we indians already do not have problem saving, I did not personally go for it.
Some people do go for it in my company....which I do not see why...but anyhow,
can you get sun glasses or only frame for someone else in your famiy like your parents etc.? Or does it cover massage (if your doctor gives you prescription) and it is treated as medical need or how abt chiropractor ?
for our company HSA was the best option out of a list of more useless items as part of benefits. so its money that does lapse and I have to spend it. maybe sunglasses is a good idea.
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smile ...
Ask your insurance company if it reimburses against bills of prescription medicines/eyeglasses from outside of Canada. If they do, it might not be difficult to get bills from overseas.
As far as I understand, HSA is meant for getting your prescription drugs or other medical equiptment. This is a tax free benefit provided by CRA meaning the CRA does not tax you for this benefit received from the employer so it is not exactly like a savings account.
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Chandresh
Advice is free – lessons I charge for!!
Location: carl sagan's universe
Posted on: 27-01-08 19:09:33
Quote:
Originally posted by Aashu
From my understanding HSA is just like any saving account but some of them have condition attached that if the money is not withdrawn and used within certian time frame, it will lapse. So as we indians already do not have problem saving, I did not personally go for it.
Some people do go for it in my company....which I do not see why...but anyhow,
can you get sun glasses or only frame for someone else in your famiy like your parents etc.? Or does it cover massage (if your doctor gives you prescription) and it is treated as medical need or how abt chiropractor ?
The number of Indian people I have seen hocked deep in debt would belie the statement that Indians do not have any problem saving...
If you use eyeglasses (or contacts), go to the dentist , have children that need braces, go to a massage therapist, buy medicines, go to gym and many other things, it's worthwhile to opt for the HSA.
Even prescription sunglasses are covered.
Anyway, to each their own.
I know my glasses are covered, so are my visits to the massage person, to the dentist, even if it is to have my teeth cleaned, etc etc, so it's worth it.
Also matching RRSP- 100%! Kewl! But that's a different benefit. Bonuses that go to the RRSP- even more gnar! (dank even)
Quote:
Originally posted by chandresh
This is a tax free benefit provided by CRA meaning the CRA does not tax you for this benefit received from the employer so it is not exactly like a savings account.
My understanding is : The employer does not contribute to this ...it is employees own money....
Quote:
Originally posted by Aashu
Quote:
Originally posted by chandresh
This is a tax free benefit provided by CRA meaning the CRA does not tax you for this benefit received from the employer so it is not exactly like a savings account.
My understanding is : The employer does not contribute to this ...it is employees own money....
Well in our organisation the things works in this manner that we are given a fixed number of points (each point equals a dollar) and we could take it in any manner we want - full cash, contribution to RRSP, Personal spending account (for things similar to HSA but not covered by HSA), buying life or critical illness insurance, upgrading normal health insurance plan to a higher level (like 80% to 100% coverage etc.) and HSA.
The part that goes to HSA is not taxed while the other is.
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Chandresh
Advice is free – lessons I charge for!!
