Your Health Spending Account (HSA) is a powerful tool to help you manage and cover your healthcare expenses. Here’s a detailed guide on what expenses are eligible and tips on how to plan and budget for your healthcare needs effectively.
What Expenses Are Eligible?
Dental Care:
Examinations and Hygiene: Dental exams, oral hygiene, and X-rays.
Treatments: Fillings, root canals, gum treatments, and tooth extractions.
Prosthetics and Major Procedures: Dentures, repairs, replacements, crowns, implants, and bridges.
Orthodontics: Braces and other orthodontic work, provided they are not purely cosmetic.
Medical Care:
Medications: Any prescription medicine run through a licensed pharmacist. Note that over-the-counter medicines are not allowed.
Special Programs: Drugs and medical devices bought under Health Canada’s Special Access Program.
Vaccinations: Coverage for vaccines.
Medical Cannabis: Medicinal cannabis with a prescription (recreational purchases are not eligible).
Vision Care:
Eyewear: Glasses or contact lenses (prescription required).
Surgeries and Exams: Laser eye surgery, optician, optometrist, and ophthalmologist services.
Hospital and Emergency Services:
Hospital Bills: Charges for hospital services.
Ambulance Services: Costs for ambulance transportation to and from the hospital.
Procedures and Treatments:
Imaging and Tests: MRI, ultrasound, X-ray treatments, and various medical tests like electrocardiographs and metabolism tests.
Cosmetic Surgery: Eligible only if necessary for medical or reconstructive purposes (e.g., congenital abnormalities or injuries from accidents).
Durable Medical Equipment:
Mobility and Respiratory Aids: Items like wheelchairs, scooters, crutches, CPAP devices, and oxygen equipment (prescription required).
Home Modifications: Renovation expenses for mobility impairments, bathroom aids (prescription required), and power lifts.
Other Equipment:
Air conditioners for severe chronic ailments (prescription required).
Air filters and purifiers for severe chronic respiratory ailments (prescription required).
Baby breathing monitors (prescription required).
Electronic bone healing devices (prescription required).
Hearing aids and personal assistive listening devices.
Heart and blood pressure monitoring devices (prescription required).
Hospital beds for home use (prescription required).
Incontinence supplies (prescription required).
Needles and syringes (prescription required).
Orthotic inserts and orthopedic shoes or boots (prescription required).
Phototherapy equipment for skin disorders (prescription required).
Support hose and compression stockings (prescription required).
TENS/Electrotherapy devices (prescription required).
Professional Services:
Licensed Professionals: Services provided by acupuncturists, audiologists, chiropractors, dietitians, mental health professionals (e.g., psychologists, psychotherapists), naturopaths, physiotherapists, and more.
To view the entire list of eligible items, you can go to your dashboard and click "List of Covered Items"
Tips on How to Plan and Budget for Healthcare Expenses
Understand Your Coverage:
Familiarize yourself with the eligible expenses listed above and in your specific HSA plan documentation. Knowing what’s covered will help you plan effectively.
Estimate Annual Health Costs:
List out anticipated medical expenses for the year, including regular check-ups, dental cleanings, prescription medications, and any planned medical procedures.
Prioritize Preventative Care:
Schedule regular screenings and preventative care appointments. Preventative care can catch health issues early and reduce long-term costs.
Keep Detailed Records:
Maintain receipts and documentation for all medical expenses. This will simplify the claims process and ensure you receive the full benefit of your HSA.
Need Assistance?
If you have any questions or need further support with your HSA, our team is here to help. Contact us via live chat or email at support@getmyhsa.com. We’re here to help make the process as seamless as possible.
At myHSA, we are committed to supporting your health and well-being. Stay informed and take full advantage of your Health Spending Account to cover your healthcare needs!
Here’s to your health and peace of mind!