Welcome to myHSA! As a new user, you might wonder why we don't provide direct billing or a wallet card for health purchases. Here are the key reasons:
1. We offer a Spending Account, not insurance
myHSA operates as a Health Spending Account, meaning we reimburse you for eligible health expenses that you’ve already paid out of pocket. Unlike traditional insurance, where healthcare providers bill the insurer directly, our model requires you to pay upfront and then submit a claim for reimbursement.
2. Expense Adjudication
Our adjudicators review each submitted expense to ensure it meets the eligibility criteria set by the Canada Revenue Agency (CRA), or the criteria put in place by your employer. This step is essential to maintain compliance and ensure that only eligible expenses are reimbursed. While this might seem like an extra step, it’s crucial for the integrity and proper use of your Health Spending Account.
3. Easy Claim Submission
We’ve made the claim submission process as simple and convenient as possible. With our mobile app, you can submit claims on the go simply by taking a photo of your receipt. The app is user-friendly and designed to help you manage your healthcare expenses on the go, without the need for carrying a physical card or dealing with complex billing processes.
4. Fast Reimbursement
Although you need to pay out of pocket initially, we ensure the reimbursement process is swift. Claims are typically adjudicated within 1-3 days. Once approved, reimbursements are processed and deposited directly into your bank account on the following Wednesday or Friday, whichever comes first. This means you can quickly access the funds you’ve spent, minimizing the time you’re out of pocket.
While myHSA doesn’t offer direct billing or a wallet card like traditional insurance, our approach provides great flexibility, easy claim submission, and fast reimbursement. By understanding these differences and utilizing our mobile app, you can efficiently manage your healthcare expenses and maximize the benefits of your Health Spending Account.
Thank you for choosing myHSA! If you have any questions or need assistance, our support team is here to help, just open a live chat or email support@getmyhsa.com