Health Spending Account (HSA)

Although the Health Spending Account (HSA) is usually part of a flexible plan, you can also add it to traditional group insurance plan.

How does the HSA work?

An HSA works like a special savings account. At the beginning of the year, you allocate a set amount (or a number of credits) to each of your Plan Members. Plan Members may use the amount (or credits) to pay for health or dental expenses not usually covered by their provincial or group insurance plans. The balance of their HSA is reduced with each paid claim.
 

Image - Health Spending Account (HSA)

HSA Advantages

As a policyholder of a group insurance plan, an HSA can:
 

  • better control plan costs because the funds allocated for the reimbursement of health or dental expenses are defined at the beginning of the year;
  • educate plan members as to health care costs;
  • add value and flexibility to your plan without adding supplementary benefit.
     


An HSA helps plan members:
 

  • expand the scope and range of benefit already offered by the group plan;
  • choose the medical expenses they want to pay with their allocated credits;
  • customize their health care plan to suit their individual needs;
  • play a more active role in planning and controlling their health care expenses.
     


For more on the advantages of a health spending account offered by Desjardins Financial Security, please don't hesitate to call your advisor.
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