A Health Care Spending Account (HCSA) is in essence an
individual Plan Member's account that provides reimbursement for
covered expenses such as:
- Eligible expenses not covered under a current benefit
plan;
- Eligible expenses in excess of current plan maximums;
- Co-insurance and deductibles charged by current benefit plans;
and
- Expenses for dependents not eligible under other benefit plans,
but eligible under the broader Canada Revenue Agency (CRA)
definition of dependent health and non-health related
expenses.
By design an Equitable Life HCSA addresses the unique and
differing needs of clients and their Plan Members. For Plan Members
it provides greater flexibility in how they choose to spend their
allocated amount. For employers it provides a greater cost
certainty by providing an established maximum cost per benefit
period per Plan Member.
An HCSA is a flexible and easy-to-use solution to today's
complex benefit marketplace issues such as:
- Changing workplace demographics and the need for plan
flexibility;
- Rising benefit costs; and
- Employee retention and recruitment issues.
