HSA claim procedures

Here is step by step process of making an online claim with HSA:

  1. After paying for service with your personal credit card submit an online claim through the provider's online claim platform. This involves entering data surrounding the expense: name of the patient, the type of service, service date and the amount ($1,000).
  2. After submitting the claim, your business remits an online payment to the Health Spending Account provider for the amount of the expense. This creates a trail of receipts to keep for your records. ($1,000)
  3. The Health Spending Account provider will reimburse (deposit payment to your bank account) for your initial out of pocket expense (+$1,000) and deduct this amount of credits from your plan. The reimbursement you receive is 100% tax free to you personally.
     

Eligible medical expenses are those that qualify for the medical expense tax credit under the Canadian Federal Income Tax Act, as defined by the Canada Revenue Agency (CRA).