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General questions:
An HSA is a flexible health benefits plan that enables employers to provide tax-free health benefits to their employees. Employees can use their HSA for a wide range of eligible healthcare expenses, including dental, vision, prescription drugs and over 100 other health expenses.
Canadian corporations, non-profit organizations as well as sole proprietorships and partnerships with at least one arm’s length employee.
Yes, the Coastal Health Wallet is a version of a Health Spending Account.
British Columbia, Alberta, Saskatchewan and Manitoba.
We are transforming employee health benefits for Canadians through the use of Health Spending Accounts (HSAs). Instead of paying premiums, employers allocate flexible health credits to each employee's health wallet. Traditional insurance-based employee health benefit plans can be complex and full of fees. Our Health Wallet, based on HSAs, streamlines health benefits, making them user-friendly, flexible, and cost-effective.
Healthcare Providers can sign up for direct billing and get paid directly from their client's HSA. Create a free account by clicking "Log in". We don't charge healthcare providers any fees and it only takes about 30 seconds to submit a claim once the account is setup.
Employees:
January 1st of every year.
Quarterly. For example, if you have a credit of $4000 per year, you’ll receive a $1000 credit on January 1st, April 1st, July 1st and October 1st.
First, make a claim to your spouse's insurance based plan. Typically, they will send you an explanation of benefits to show what was not covered. Simply claim the uncovered amount under your Health Wallet.
Yes, if your healthcare provider signs up for a free Coastal HSA Direct account they can submit a claim on your behalf and we can pay them directly.
The claim deadline is March 1 following the year in which the expense was incurred. For example, if you have expenses in 2020, you must submit all yours claim by March 1, 2021. However, we encourage users to submit claims within 4 weeks of the purchase or service date if possible.
Yes, as long as the expense is on the approved list of eligible expenses. You’ll need to provide a screenshot from your credit card showing the exact amount you paid in Canadian funds. We do not exchange any currencies.
Since it’s a benefit of your employment, it will become void after your last day of work.
No, a Health Wallet can only be used for approved health expenses and are a non-taxable benefit.
Yes, but carryover is limited to 1 year as per Canadian Revenue Agency (CRA) guidelines. Any remaining funds at the end of the calendar year will be carried forward to the next calendar year and must be claimed by the end of the second calendar year or you’ll forfeit those funds.
For example, Doug has a balance of $2000 at the start of 2022. He spent $1000 in 2022. When the plan renews in 2023, the remaining $1000 will carry over. Doug will then have a balance of $2000 (plan amount) + $1000 (carryover) for a total of $3000.
Doug has a balance of $3000 at the start of 2023. He spends only $500 in 2023. Once the plan renews in 2024, Doug will forfeit any unused carry over from 2022 (in this example, it’s $500). Doug will then be able to carry over any balance from 2023, which in this example is $2000. Doug will then have a balance of $2000 (plan amount) + $2000 (carryover) for a total of $4000 at the start of 2024.
A dependent must meet one of following criteria:
- Spouse or common-law partner per CRA definition.
- You or your spouse’s or common-law partner’s child under 21.
- You or your spouse’s or common-law partner’s child between 21-26 and studying full time at a recognized education institution.
- A person under 21 for whom you or your spouse or common-law partner is the primary caregiver and main financial support.
- You or your spouse’s or common-law partner’s child, or other close relative who is incapable of financial self-support because of a diagnosed disability. They must be under 65, live in the same household, and be primarily dependent on you or your spouse for financial support.
Plan Admins:
No, only receipts after the plan activation date can be submitted.
No, unless the employee is working less than 30 hours a week. If an organization signs up, all employees in that organization working 30 hours or more per week must receive a minimum of $500 of health spending per year.
It will be under “Employee Benefit Tax Deductions”.
The claim deadline is March 1 following the year in which the expense was incurred. For example, if you have expenses in 2020, you must submit all yours claim by March 1, 2021. However, we encourage users to submit claims within 4 weeks of the purchase or service date if possible.
Yes, but the shareholder(s) must be an active employee(s) and have some T4 income.