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Health Care Spending Account
WHAT IT IS
A Health Care Spending Account (HCSA), also known as a Health Spending Account (HSA), is an individual employee account that provides reimbursement for eligible health care expenses or other benefits that are not covered under provincial health insurance plans or other benefit plans sponsored by the employer.
A HCSA can be used to pay deductibles, coinsurance, amounts in excess of benefit maximums and to broaden the scope of coverage of an existing plan. For example, a HCSA could cover:
HOW IT WORKS
After 3 Years of Service with Stony Valley, employees will become eligible for the HCSA which will provide $200 each year. The employee and their covered dependents may use the HCSA to reimburse eligible medical expenses not covered by the employee or the spouse's plan.
The HCSA balance is reduced by the amount of each reimbursement. Payments continue to be made until the account balance is zero.
At the end of the year, any unused balance in the account can be carried over for one year, but unused funds in the account for more than two years are forfeited.
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