For anyone with a Health Spending Account (HSA) it is crucial to know what the rules and regulations of the HSA is. Below are some extracts detailing info on the ASEBP Health Spending Account as well as a links to important pages on their website that give amazing detail and clarity on any quentions you might have.
A quick summary from the ASEBP Website:
You can also get info on HSA Plans provided by ASEBP:
Your Health Spending Account operates on an HSA year basis – each HSA year is set up to run for 12 consecutive months, after which a new HSA year begins. The HSA year is based on the school year (September 1 to August 31).
The HSA year boundaries are an important part of how HSAs work. You will receive a fixed amount of credits during the course of the HSA year, as determined by your employment or bargaining agreement. These credits may be a flat amount, a percentage of your salary or a combination of the two, and are available to reimburse you for eligible expenses that are incurred during that HSA year. You cannot carry expenses forward into subsequent HSA years. There are specific rules that allow you to carry forward unused credits into the next HSA year – see the Carry Forward and Forfeiture section for more information… more info here
ASEBP Eligibility Guidelines and Family Coverage:
Health Spending Accounts are part of a negotiated agreement between your employee group and your employer. Your employer provides ASEBP with a list of employees who are eligible for an HSA. ASEBP does not apply any eligibility guidelines for HSAs.
You can use your HSA to pay for eligible health-related expenses for your dependents. The Income Tax Act of Canada establishes the criteria for determining eligible dependents for tax purposes, and these criteria are applied to HSAs. In general, the definitions of dependents are broader than for a traditional benefit plan (for example, an HSA allows you to cover health-related expenses for family members not considered dependents under a traditional benefit plan but who qualify as dependents for income tax purposes) … read the rest of the info here
The website also has links to all the forms that would would need for the HSA. For a link to the ASEBP Forms just click here
This was just a short article pointing to some more info on the ASEBP Health Spending account that we thought might be of interest to you. Enjoy the read.