Health Spending Account (HSA) for Full Time Continuing Employees a) The Employer shall make available the amounts set out in Appendix A effective January 1 of each calendar year for Employees who are otherwise eligible to receive benefits under the Extended Health Care and Dental Plans plus any additional amount as directed by the Employee in Article
22.01 d) ii.
b) The HSA may only be utilized by an Employee for the purposes of receiving reimbursement for health and dental expenses that are eligible medical expenses in accordance with the Income Tax Act and are not otherwise covered by the Extended Health Care and Dental Plans.
c) Entitlement for reimbursement shall be governed exclusively by the terms of the HSA in accordance with the Income Tax Act, Canada.
d) Any unused allocation in an Employees HSA as of December 31 of each calendar year may be carried forward for a maximum of one (1) calendar year after which time the unused balance shall be forfeited. Employees who are no longer employed by the University will immediately forfeit any unused balance.
e) Unused HSA balance at the date of retirement will be rolled to the retirement HSA per Article 27.10 c) in keeping with Income Tax Act rules.
Health Spending Account (HSA) for Full Time Continuing Employees. Each January 1, the Employer will deposit an amount in accordance with Appendix “A” into a Health Spending Account (HSA) in the Employee’s name. The Employer will provide credits equal to 2% of pensionable earnings that may be directed to the Pension Plan or to the HSA in increments of 0.5%.Through the HSA, an Employee can pay for eligible health care expenses not fully covered by the University of Ontario Institute of Technology Benefits Plan. The benefit of using the HSA to pay for health care expenses is that, by doing so, Employees use before-tax contributions from the Employer, rather than their own after- tax income. The money the Employer deposits in an Employee’s HSA is not subject to federal or provincial taxes. The HSA also provides reimbursement for a broader range of health care services such as prescription sunglasses, laser eye surgery, orthodontia expenses above plan maximums, coinsurance amounts, and prescription drugs not covered under the plan. A list of all eligible HSA expenses are available from Human Resources. The CRA gives Employees a tax break on this account, but an Employee has two (2) calendar years from the January 1 deposit date, to use any credits deposited in their HSA or it is forfeited.
Health Spending Account (HSA) for Full Time Continuing Employees. January 1, 2024 January 1, 2025 January 1, 2026 January 1, 2027 $1,300 $1,300 $1,300 $1,300
