A common misconception of HSA plans is that they can cover "anything" that is not covered by insurance - and while an HSA does have a pretty comprehensive list of items, that doesn't mean it covers just anything.
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The CRA outlines what is eligible to be claimed under this non-taxable account, and I've included at the bottom of this article the full list.
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With that, it's important to understand what the major category titles mean, specifically these two:
-"Amount not paid by Insurance"
-"Miscellaneous Allowable"
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While these categories may seem like easy catch-all categories for just about anything, that is not their intended purpose.
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The category called "Amount not Paid by Insurance" is specific to coordinating insurance with the HSA for eligible items. For example, if you submitted a claim for prescription glasses to your insurance, and they only paid out 80% of that expense, you could then submit that pesky 20% remaining out-of-pocket to myHSA using this category. Make sure that you submit your Explanation of Benefits showing what the insurance company paid on this claim!
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The other category I mentioned, "Miscellaneous Allowable" is actually just the name of a section of HSA items that don't quite fit the other major category descriptions. On any plan list, you can always click the + icon next to them to expand the list and see what's included under this section. It's for things like doctors notes, employee premiums for health insurance, and service animals!
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Attached is the full list of items that are eligible under an HSA. While it's pretty extensive, it's important to understand that it does still have parameters that adhere to the CRA covered expenses list.
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Questions? Reach out to us at support@getmyhsa.com or via our live chat!
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​Remember - your specific plan may not have all of these items listed on it. It's always best to verify your list by going to your dashboard of your account to verify if your company has all of these items listed!