Fertility treatments have become increasingly prevalent in today's society as individuals and couples seek various avenues to achieve their dream of parenthood. Recognizing the financial burden associated with these treatments, the CRA has made efforts to alleviate some of the costs by allowing certain fertility-related expenses to be eligible under an HSA. Recent amendments have expanded the list of qualifying medical expenses, offering individuals a valuable opportunity to take off some of the financial weight that comes with their fertility journey.
Disclaimer: Always check the "list of covered items" on your dashboard to make sure that the items discussed in this article are listed on your individual company plan. If you would like us to verify that these items are eligible for your specific plan, please reach out to support@getmyhsa.com or start a live chat with us!
Eligible Expenses:
These include amounts paid to a fertility clinic or donor bank, as well as fees or other payments for obtaining sperm or ova. This provision extends to individuals, their spouses or common-law partners, or surrogate mothers acting on behalf of the individual.*
The following fertility treatments and related expenses are deemed eligible under an HSA:
In Vitro Fertilization (IVF):
IVF is a widely utilized fertility treatment where eggs and sperm are combined outside the body before being implanted in the uterus. Expenses incurred during IVF procedures, including sperm washing, monitoring, medical consultations with your Reproductive Endocrinologist (or other practitioners), and laboratory services, qualify for the medical expense tax credit. Any prescribed medications that are dispensed through a pharmacy are also eligible including injectables, suppositories and oral medications.
Intrauterine Insemination (IUI):
IUI involves placing sperm directly into the uterus to facilitate fertilization. Costs associated with IUI procedures, such as sperm washing, monitoring, and medical consultations, are eligible under the amended provisions. Any prescribed medications that are dispensed through a pharmacy are also eligible including injectables, suppositories and oral medications.
Obtaining Sperm and Ova:
Amounts paid for obtaining sperm or ova, whether through a donor or a fertility clinic, are considered eligible expenses.
Storage of Sperm, Ova, Embryos, etc.:
Expenses related to the storage of reproductive materials, such as sperm, ova, embryos, and other relevant biological samples, qualify under an HSA. This provision acknowledges the ongoing costs associated with preserving reproductive materials for future use.
Exclusions:
While most fertility-related expenses are eligible, it's crucial to note that not all health expenses incurred by a surrogate mother during the pregnancy are covered. The CRA guidelines do not extend to cover the surrogate mother's health expenses related to carrying and delivering the baby.
The recent amendments to the HSA list of covered items have significantly broadened the scope of eligible medical expenses for fertility treatments under an HSA. This represents a positive step towards supporting individuals and couples on their journey to parenthood by offering financial relief through their non-taxable spending account.
Understanding the specific fertility treatments and associated costs covered under an HSA empowers individuals to make informed decisions while navigating the complexities of fertility treatments.
Questions? Reach out to myHSA Support via live chat or by email at support@getmyhsa.com