Take a deep breath! It’s time for you to get some answers. If you’re wondering how a Canadian health spending account benefits your children and spouse, you’ve come to the right place. Keep reading to learn how an HSA accounts for your household’s dependents.
What Is a Dependent
In the world of health insurance, it can be confusing to determine what constitutes a health spending account dependent.
In technical …show more content…
In Canada, only 65 percent of Canadians receive some type of private health coverage from their employers. In fact, even those with health coverage spend an average of $2,000 on health costs annually.
It makes you wonder how you can stretch coverage so you get the best bang for your buck. Thankfully, a Canadian health spending account has you covered.
The coverage provided by an HSA can be used as standalone coverage or it can be combined with traditional health plans. This means regardless of whether or not your spouse has any other coverage, your family is still covered.
It Covers What You Need
Another benefit of a Canadian health spending account is the flexibility in coverage. Traditional group health plans often provide all employees with the same coverage. While it’s good to have some sort of coverage, it’s not beneficial if it doesn’t cover what your family needs. This is where an HSA comes into play.
A Canadian health spending account covers 100 percent of CRA-approved medical expenses. This means whatever your family needs is covered. No longer will you have to worry if your family’s needs are going to be met; you’re free to use the coverage you’re provided on whatever you