Simple answer is - it depends!

Health Spending Accounts

With an HSA typically, there is no age limit. HSAs are generally more flexible than insured, premium-based benefits. 

Your eligibility to participate in the HSA depends on your working status and your own status in the company. 

If you're an active employee of the Plan Sponsor company, no matter your age, you're eligible to receive contributions as determined by your company.

If you're the business owner, you can receive contributions from your company into your HSA but you should be actively working in an operating (vs a holdings) company and generating most of your income from the company. As you know, HSA contributions are made to an account on a tax-free basis for the reimbursement of eligible medical claims. If you have no arms-length employees or you're not working in the capacity of an active employee of your operating company, contributions made to you personally from your company could be perceived as a shareholder benefit in the case of an audit or review.

Pro-tip for business owners! Be sure to consult with your accountant or tax expert to determine your eligibility.  

As either an employee or a business owner, even after you retire, depending on the type of HSA you have access to, any unused funds may still be available to you until exhausted through eligible claims reimbursements. Not sure what type of HSA you have? Just reach out to us and we'd be happy to help!

Insured benefits

For some of our insured premium-based benefit features, there are age limitations.

You're covered for Group Travel until you're 65 years of age. Once you've reached age 65, you're no longer eligible (and your family isn't either since their coverage depends on the Member's age).

You may have coverage under our Excess Medical solution which has a group travel component! You're covered for Excess Medical until you're 70 years of age. Then once you've reached age 70, you and your family are no longer eligible.

Short-Term and Long-Term Disability (STD and LTD) benefits are also limited to age 65. Upon your 65th birthday you won't be covered for STD and LTD, but you'll still be covered until age 70 (but - disclaimer - generally with a reduced coverage amount!) for other Peace of Mind benefits like Life, Dependant Life, and AD&D if they're a part of your Plan.

Each Plan is a little bit different, but you can find your Peace of Mind benefit booklet (if applicable to your Plan) and all the details about your coverage, in the resources section of your online Member Centre.


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