health spending account - how to spend it?

[mork]

The benefits plan of my employer includes a “health spending account” annually. The money is lost if not used.

I have never used it as I have adequate coverage outside of the health spending account for my needs. I am generally in good health and do not require prescription eyewear. I should consider myself lucky, right? Instead, I feel like I am losing a benefit.

Here is the CRA list of allowable expenses:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/330/llwxpns-eng.html

How do you use your health spending account (if you have one)? Any ideas as to how I might utilize this benefit?

[AllWheelDrift]

I didn't realize such accounts existed in Canada.

I work for a company that operates on both sides of the border and was surprised when I was sent to the head office in the US for orientation and discovered they have an option of paying into a similar account. Our US employees can choose to make automatic, tax-free contributions deducted from their salary, but the money is lost if they don't use it. It seems overly complicated to me since you need to know how much you will spend on medical expenses.

[mork]

Well, I don't know how I feel about prescription glasses with a 0.00 - I'm not looking to defraud my employer here or anything.

The shoe insoles are a good idea. I do routinely suffer from back strain but I have never viewed it as a medical condition worthy of having it looked at. I have heard from others who have gotten orthodic insoles that it makes a world of difference.

To be an eligible expense, would orthodic insoles need to be prescribed by a doctor? Same question for massages - would a prescription be required? (I also don't see Massage Therapy on the CRA list of eligible medical expenses)

[onomatopoeia]

I get 750 a year from my work and you can carry it over 1 year (so max 1500)....I find it tough to use as well. Here's some ideas.

I claim the money paid off of my paycheck for our benefits plan(the required plan).

I claim any dental/medical amounts not paid by that benefit plan.

I make a trip to the dentist every 6 months as opposed to 9 allowed on my plan...i claim the second trip on my HCSA.

my wife had her wisdom teeth out (should have years ago) and it was all claimed.

I've gotten 1 massage because my "back hurt".

750 a year above and beoyond my benefit plan is hard to spend when you are young and healthy

[winterfreshgrin]

are premiums paid in a work group health plan considered to be a tax credit?

what about private health insurance premiums?

[setell]

Boy if I had a health spending account I would blow through the say $750 that onomatopoeia has. I can finally get super cool glasses yearly, go to chiropractor, get orthodic insoles, go for massages, and go for eye exam yearly vs every other year. I think the big thing for me is being able to get glasses/contacts yearly!:cheesygri

EDIT: might consider going to a psychologist to "let all my emotions out" an hour or two a year! :D

[adeel]

My plan at work allows for claiming expenses for family (such as parents), so I used mine to claim the cost of prescription drugs for my parents.

[onomatopoeia]

yeah, glasses are an amazing use for it...if only i needed some.

Premiums paid towards health plans are eligible....at least they are with mine through work (through great west life).

Our work actually recommends to eveyone to claim the premiums that we pay for the work-required health plan

[Spidey]

My wife has this as well and in the same boat, use it or lose it.

hate to just use it for whatever, but then again, it is something she is entitled to.

Shame it cant be carried forward indefinitly, be handy if the kids ever need braces or the like

[mork]

Our work actually recommends to eveyone to claim the premiums that we pay for the work-required health plan

Thanks man! I never would have thought of it. My wife's required plan has an employee-paid portion of the premium that is an eligible expense.

[Thalo]

Well, I don't know how I feel about prescription glasses with a 0.00 - I'm not looking to defraud my employer here or anything.

The shoe insoles are a good idea. I do routinely suffer from back strain but I have never viewed it as a medical condition worthy of having it looked at. I have heard from others who have gotten orthodic insoles that it makes a world of difference.

To be an eligible expense, would orthodic insoles need to be prescribed by a doctor? Same question for massages - would a prescription be required? (I also don't see Massage Therapy on the CRA list of eligible medical expenses)

It's not defrauding your employer; it's your own damn money which you earned. Me, I do need prescriptions but a few years ago I did have trouble claiming some prescription Oakleys on my regular health plan (I had $300 I could put towards eyewear), but had no trouble claiming it on the HSA. I assume, if you don't need a prescription, any designer sunglasses purchased at an eyewear shop, like Lenscrafters, can be claimed on an HSA. It is, afterall, for the benefit of the health of your eyes, to prevent UV rays from burning out your retinas. My initial argument with my insurer (because I wanted to use my $300 allowance and not my HSA that year) was that I need corrective lenses to drive (my DL says so) and since I drive during the daytime I need shaded lenses to keep out harmful UV rays. Didn't fly, but like I said the HSA was no problem.

[mork]

darn. I thought she was paying health coverage premiums but that is a employer-paid benefit. Turns out she is paying for long-term disability and life insurance, so those expenses are not eligible.

time to book some massages I guess.

[nalababe]

I just get a pair of glasses at least once a year because of my HCSA....I'll get a pair of prescription sunglasses this year.

The reality is that I did not use it much until my son started wearing glasses...then replacing lenses frequently adds up...

Yes, Massage is a good way to spend the money.

[urban1]

My employer has a decent health spending account as well. I wear glasses so thats whereI spend a good portion of mine - its nice to be able to get new frames frequently.

Other than glasses heres things Id recommend to at least think about:
-massage. If you are active at all, a massage can be therapeutic. If youre not active, a massage is still can very relaxing. Depending where you live, a one hour massage can be anywhere from $50 to $100 for 60 minutes. $500 seems to be an average amount for coverage under a normal health plan so that can quickly be exhausted and then you can tap into your health spending account. Try it a couple of times and you might wonder how you ever lived without it.
-physio - If you play sports or run and have sore muscles - again you can exhaust your basic coverage and tap into your spending account here. Some chiropractors also practise ART (active release therapy) which is for soft tissue so you may also want to consider that. I run a lot and its nice to get some treatment on my legs in addition to my regular massages.
-dental. if you want/need any fixes to your teeth. cosmetic surgery as well. might not mean Botox but maybe you have ears you want pinned back or something similar.
-orthotics. (as mentioned previously). if you have money left over in your account, book an appointment with a foot specialist. at the very least, they do a lot of tests and you can see some neat stuff about how you walk and your stride. and if you need orthotics, you can get some made for your runners and for "dress" shoes.

If all else fails, take a look at the coverage you have and look at any shortcomings. Do you only get a semi-private hospital room? Then top it up with Blue Cross or another private insurer and then run those premiums thru your account. This wont give you any immediate benefits but in the worst case scenario that you ever get hospitalized this might payoff.

The benefits plan of my employer includes a “health spending account” annually. The money is lost if not used.

I have never used it as I have adequate coverage outside of the health spending account for my needs. I am generally in good health and do not require prescription eyewear. I should consider myself lucky, right? Instead, I feel like I am losing a benefit.

Here is the CRA list of allowable expenses:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/330/llwxpns-eng.html

How do you use your health spending account (if you have one)? Any ideas as to how I might utilize this benefit?