Health Spending Account Information and Deadlines
Your Health Spending Account (HSA) provides you with additional choice for managing your health related expenses.
- Your HSA works like a bank account. Red Deer Public Schools deposits credits for every eligible employee that is actively at work on the 1st day of each month. Credit amounts vary by employee type, you can see the amount deposited under deductions on your pay statement.
- Credits are deposited near the end of the month after payroll has run.
- You can use your HSA for any un-reimbursed medical expense that qualifies as a medical expense by the Canada Revenue Agency (see here).
- The HSA year runs the same as the school year – September 1st to August 31st, and only expenses incurred in that time period are eligible to be submitted for your HSA.
- Unused portions of your credits can be carried forward a maximum of one year and then are lost.
- Partial Payment: If you submit an expense that exceeds the total amount of credits available in your HSA, ASEBP will issue a partial payment at the end of each payment cycle up to the amount of credits available. Any unpaid portion of the expense will carry forward to the next payment cycle.
- Note: If the expense amount exceeds the amount of credits remaining at the end of the HSA year, the remaining expense amount will not be paid. Unused expenses do not carry forward to subsequent years.
Eligibe expenses will be processed for payment every two business days, subject to credit availability.
Under normal circumstances, you can expect payment within a week of expense submission.
Before you submit your expenses
To get the most out of your HSA credits, follow these simple steps for any eligible health-related expense that you incur.
- Check your ASEBP benefit coverage
- If you have an expense that is eligible for coverage as part of your Extended Health, Dental, or Vision Care benefit plans, claim that expense through the appropriate benefit plan before you submit it to your HSA. This gives you an opportunity to use the ASEBP pool - funded by all ASEBP covered members - to pay the expense before you use up your own HSA dollars.
- Check any other coverage available to you
- If you are covered as a dependent under your spouse’s or another plan, you may qualify to submit any remaining amounts from Step 1 as a claim under that second plan.
- Note: If the expense is incurred by a dependent that has their own coverage (e.g. spouse), then that dependent must first submit the expense to his or her employer’s plan before submitting any remaining expense to ASEBP. Only the un-reimbursed portion can be claimed as an HSA expense.
- Check the date of the expense
- Only expenses incurred with a service date in your current HSA year can be submitted for reimbursement.
- Check the eligibility of the expense
- Make sure that the expense that you are claiming is eligible for reimbursement through an HSA account – expenses are eligible if CRA says they are a medical expense.
- Not sure if the CRA would deem your expense as a medical expense? Check out their comprehensive list of what qualifies here: CRA Website.
Once you have coordinated all of your benefit options to pay your expense and verified that you have a valid HSA expense as described in the previous section, you can submit an expense to your HSA account.
Remember to keep your receipts! ASEBP or Canada Revenue Agency may request them for up to 7 years after you were reimbursed for the expense.