HSA Health Wallet
HSA Plan Structure .
Guidelines and Rules.
A Health Spending Account (HSA) is a Private Health Services Plan (PHSP) recognized by the CRA. It must be employer-funded and provided on a reasonable basis to employees.
1. T4 Income
Employees must receive T4 employment income. HSA limits are based on that income.
2. Business Structure
Available to incorporated businesses with active income, or sole proprietors who employ at least one arm’s-length employee.
3. Health Expenses
Only expenses listed on the Coastal HSA Eligible Health Expenses list qualify.
4. Claim Date Eligibility
Your coverage starts on your plan start date. Only expenses incurred on or after that date are eligible.
5. Quarterly Allocation
HSA funds are distributed to employees quarterly on Jan 1, Apr 1, Jul 1, and Oct 1.
6. Fairness
Employees performing the same or similar duties must receive the same HSA amount.
7. Claim Deadline
Expenses must be from the plan year, submitted by March 1 of the following year, and reimbursed only from that year’s credits.
8. Rollover
Unused HSA credits roll over on January 1 and remain available for 12 months before expiring.
