Home Contact Sitemap login Checkout


Stony Valley Contracting


Stony Valley Contracting Ltd
  • Home
  • Services
    • Services
    • Aggregates For All Needs
    • Land Development
    • Field Operations
  • Company
    • Company
    • Who We Are
    • Projects
    • In The Community
  • Safety
  • Careers
  • Contact
  • Resources
    • Resources
    • Login to Benefits
    • Webmail Login
  • Truck Hire-on
    • Truck Hire-on
    • Truck Hire-on Form
    • Acceptance of Policies Form
Home/Resources/Ask Chelsa! Print This Page

Ask chelsa!

Your payroll and benefits questions answered


Health Care Spending Account


WHAT IT IS

A Health Care Spending Account (HCSA), also known as a Health Spending Account (HSA), is an individual employee account that provides reimbursement for eligible health care expenses or other benefits that are not covered under provincial health insurance plans or other benefit plans sponsored by the employer.

A HCSA can be used to pay deductibles, coinsurance, amounts in excess of benefit maximums and to broaden the scope of coverage of an existing plan. For example, a HCSA could cover:

  • Professional services (e.g. chiropractor, physiotherapy) above the annual maximum
  • Medications not included in a plans drug formulary
  • Eye glasses and contact lenses if not covered by the existing plan or amounts in excess of the maximum if covered
  • Dental services that may not be part of the existing dental plan (e.g. caps, crowns, bridges, orthodontics)
  • Dental expenses above the plans annual maximum


HOW IT WORKS

After 3 Years of Service with Stony Valley, employees will become eligible for the HCSA which will provide $200 each year. The employee and their covered dependents may use the HCSA to reimburse eligible medical expenses not covered by the employee or the spouse's plan.

The HCSA balance is reduced by the amount of each reimbursement. Payments continue to be made until the account balance is zero.

At the end of the year, any unused balance in the account can be carried over for one year, but unused funds in the account for more than two years are forfeited.


Have a payroll or benefits question? I'd love to hear from you. Click on the link below to submit your questions.



Ask Chelsa



Looking for a past article? Check these out.

What is an EFAP and how does it work? Coordination of Benefits - Who Pays?

Reasonable and Customary Limits

Understanding Your Pay Stub


Let’s get started on your next project

CONTACT US

CONTACT US

245 TaigaNova Crescent
Fort McMurray, AB T9K 0T4
Tel: 780.743.0527
info@stonyvalley.ca




Copyright © 2023 Stony Valley. All Rights Reserved. Built on ShoutCMS | Articles