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Health Care Spending Account

Definition

Health Care Spending Account (HCSA): A Canada Revenue Agency–registered, employer-funded benefit arrangement that allocates a fixed dollar amount—determined annually by the employer—to each eligible employee for reimbursement of qualifying medical and dental expenses not covered (or only partially covered) by the provincial health plan or the company’s primary group benefits. Monies deposited are non-taxable to the employee, cannot be taken as cash, and must be used within the plan year or any specified carry-forward period; unused balances generally revert to the employer. Eligible expenses are defined by the Income Tax Act and include prescriptions, vision care, orthodontics, paramedical services, and certain medical devices. Claims are submitted with receipts and are paid from the employee’s individual account until the balance is exhausted.

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Disclosure

All quotes, products, and services are marketed and distributed by Red Helm Canada, an independent brokerage. Review our brokerage disclosure to find out more about who we are. While all effort is made to ensure accuracy, rates and plan details may be subject to review or change without prior notice. Rates are not guaranteed until final approval and confirmation from the insurance carrier.  Plan eligibility is not guaranteed and may be subject to a medical questionnaire or other eligibility criteria. By submitting your information in our quote request form, you are accepting the terms and conditions of our website and are accepting that we communicate with you electronically for the purpose of solicitation.