Your organization has partnered with Blendable to provide a benefits plan that gives you flexibility to pay for healthcare expenses the way you want with a Health Spending Account (HSA).
What is a Health Spending Account, you ask? Great question! Let us shed some light on what makes an HSA such an amazing benefit.
The advantages
A Health Spending Account is like a bank account you can use for eligible medical expenses. Simply pay for the expense, submit the receipt online, and you’ll be reimbursed in a few days by Direct Deposit.
It's a simple way to get medical expenses reimbursed so you aren't paying out of pocket.
HSAs are flexible
The best part about your HSA funds - they're yours to use as you see fit! There are no limitations on service type or practitioner as part of your plan.
HSAs can be used to reimburse a much wider variety of expenses than what's eligible under a traditional insurance company's benefit plan. Any expense that’s eligible under the Canada Revenue Agency (CRA) Medical Expense Tax Credit is eligible to be reimbursed using your HSA.
HSAs are limitless
Unlike plans with copays or deductibles, your HSA can be used to reimburse the full amount of any expense as long as you have funds available in your account.
HSA funds go further
You can stretch the value of your HSA by using it as the last payer for any expenses. If your spouse has a group benefits plan through their employer, submit any expenses there first, then use the HSA to reimburse any amount that wasn't covered.
HSAs are tax-free
By now, you're thinking, "This is great, but why don't I just get a raise instead? That's the ultimate in flexibility."
True, cash in your pocket is more flexible, but it comes at a cost. Your paycheque is taxed. HSA funds, because they're only used to reimburse eligible medical expenses, are tax-free!
Different types of HSAs
At Blendable, we can set up HSAs with a lot of flexibility. From how much is contributed, to if and when unused funds get reset, the possibilities are (almost) endless.
If you already have a Blendable HSA, details about your specific plan are in your Member Centre.
If you don't, you can learn a little more on our website.
Learn more
If the tools in your Member Centre don’t answer your question, then check out the Blendable Help Centre. It has answers to the most common benefits questions, including:
If you want to learn more about the ins and outs of HSAs, we have some great articles! Start with these: