Eligible Expenses
What’s Covered:
Generally, HSAs cover a wide range of eligible medical expenses—anything listed under your plan’s guidelines. If the expenses you incur (including those that add up to your deductible) are considered eligible under your HSA plan, then you can submit them for reimbursement.The Deductible Scenario:
Many extended health plans require you to pay a certain amount out-of-pocket (the deductible) before the insurer starts paying its share. In many cases, if these out-of-pocket expenses are for services that meet the eligibility criteria of your HSA, you can claim reimbursement for them. Essentially, the deductible you pay may be eligible to be reimbursed from your HSA, provided the claim meets the requirements.
Documentation Is Key
Receipts and Invoices:
Just as with any eligible expense, you’ll need to keep detailed receipts and invoices that clearly indicate the nature of the service and the amount you paid. This documentation is essential in supporting your claim.
Coordination of Benefits:
Some employers design their HSA and insurance plans to work in tandem, so be sure to understand how your specific benefits interact. The goal is to ensure you receive the maximum benefit without inadvertently claiming the same expense twice.
In many Canadian HSA plans, you can reimburse the expenses that added up to your insurance plan’s deductible—as long as those expenses are eligible under your HSA’s guidelines and you provide proper documentation. Since HSA plans can vary by employer, it’s a good idea to review your specific plan’s rules or speak directly with your benefits administrator for any nuances regarding deductible expenses.
By understanding your plan’s eligibility criteria and maintaining thorough documentation, you can make effective use of your Health Spending Account to help manage the costs of your healthcare—even those costs that count toward your insurance deductible.