The Health Spending Account (HSA) is a tax-effective way to be reimbursed for out-of-pocket medical and dental expenses for you and your dependents. All permanent employees have funds on deposit in their HSA for the fiscal year April 1 to March 31. Part-time employees receive a prorated amount based on permanent full-time equivalent.
These funds can be directed to an RRSP at the beginning of each fiscal year via the Fund Designation form.
How do I submit a claim?
All submitted claims must be a minimum of $250 unless the claim is for the balance of your account. Claims less than $250 may be submitted in March of each year in order to submit expenses incurred within the fiscal.
What kind of expenses are covered?
All medical and dental expenses submitted to Manulife that are not fully covered can be submitted for reimbursement. There are some expenses that are not covered by Manulife that can be eligible for reimbursement.
All expenses must be tax-deductible medical or dental expenses as defined by Canada Revenue Agency guidelines.
Voice Amplification System
Faculty members have asked how they can obtain a voice amplification system to support projecting their voice while wearing a mask. There are three options available:
Work through the accommodation process and devices that are deemed medically necessary will be provided by UFV. https://www.ufv.ca/hr/health-well-being/return-to-work
A Type B faculty member can spend up to $200 for a voice amplification device using their health spending account. The expenditure will not be considered a taxable benefit, due to COVID 19 mandatory mask requirements – we will waive the requirement for a medical certificate. The voice amplification device is not covered under the Manulife extended health benefits.
Sessional or LTA faculty, who do not have access to a health spending account can sign out a device for the semester from human resources by emailing firstname.lastname@example.org
Can I use HSA funds if I reach the maximum available with Manulife?
Yes. If you receive the maximum for a service (e.g. physio, RMT, chiro, etc.), you can submit your receipts directly for reimbursement from the HSA with a copy of the Manulife statement indicating you received the maximum.
How long do I have to use my HSA funds?
HSA funds are allocated at the beginning of each fiscal year (April 1 -March 31) for expenses incurred within the fiscal year. If there are funds remaining in the account on March 31, these funds will carry forward for a maximum of one fiscal year. Carried forward HSA Funds are not eligible to be transferred to an RRSP.
How does directing HSA funds to an RRSP work?
Eligible employees will receive a notification in March of each year requesting them to fill out and submit a HSA Funds Designation form indicating if they would like to keep the funds available for eligible expenses or direct some or all of the funds to their RRSP account for the new fiscal year.
For more information contact HR Compensation & Benefits.