What is a Spending Account? (Employee)

You have a spending account as a part of your benefit strategy. It can be used in combination with a traditional insurance plan or as a stand-alone benefit. In both cases, you have a set amount of yearly credits. These credits can be used to get reimbursed for certain eligible expenses.

Here is the process:

1. You pay for the expense.

2. If you have insurance coverage, claim reimbursement with your insurance provider. Wait until they are finished with your submission. Then if you want to claim additional reimbursement through your spending account, submit your insurance provider's Explanation of Benefits (EOB) document to us. This can usually be found online. We need this document if your insurance provider paid for all, some, or even 0 of the expense.

Note: If you don't have other coverage, submit your expense invoice/receipts directly to your spending account. 

3. Once our team has processed your submission, expect reimbursement either by direct deposit (if you have set up online banking) or by cheque. 

Quick tip: When submitting any claims to your spending account, use our mobile app for the fastest way to get reimbursed. 

What can you claim on a spending account? 

Eligible expenses vary depending on the type of spending account you have. The most common spending account is a Health Spending Account, often referred to as an HSA. This account is tax-free and covers some of the major expenses below:

• Dental (Basic & Major)
• Orthodontics
• Prescription Drugs
• Paramedical Services
• Vision Care
• Physiotherapy
• Chiropractor 

Note: Your company may also have a custom HSA that covers some of these expenses but not all. Find out what your company plan specifically covers.

Alternatively, employers can also offer a Lifestyle/Wellness Spending Account (LSA) to their employees. This account allows reimbursement for wellness-related taxable expenses. Coverage varies between companies but can include things like monthly gym memberships.

Note: You can also have a Flex Spending Account, which combines both HSA and LSA coverage.

A spending account can include a variety of benefits. To confirm what coverage you have, log in to your account.