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March 2024 Advisor Newsletter

Can you buy critical illness insurance after you’ve been diagnosed with an illness?

Can you buy home insurance after a house fire?

Can you set up an HSA after you’ve incurred an expense? 


When put like that… it’s obvious. They’re all plans of insurance, and they all need to be in place prior to your claim.


So, what is backdating?




 

Clarifying Common Myths and Misconceptions Surrounding HSAs

We get questions all the time regarding the rules of Health Spending Accounts, from companies with one shareholder-employee, around T4 income, discretion around the limit of an HSA and more, so we decided to do some myth-busting to kick off 2024!





 

Important Notices for March

New Canada Dental Benefit

For the purposes of T4 Reporting - the CRA does include a Health Spending Account as private dental coverage; therefore, must be coded properly by employers offering the benefit.

Given that this is a recently introduced government benefit, we are cautious in offering an official response to inquiries regarding the removal of dental coverage from the HSA to access the benefit. While the platform may provide an option to exclude dental coverage, it remains uncertain how the Canada Revenue Agency (CRA) will address such actions.

 

Re-Signing Terms and Conditions

All Plan Admins will be required to agree to our myHSA terms and conditions each year upon renewal!

The agreement is signed digitally via the platform and they will automatically see a pop-up on their renewal date. 

 

Grace Period

Remind your clients to keep an eye on their Grace Period!

The grace period is the number of days after renewal that an employee can submit outstanding claims from the previous benefit year. The most common one we see is 90 days.

For example, if a plan is renewed on January 1 with a 90 day grace period, then an employee would have until the end of day on March 31st to submit outstanding claims dated December 31 and prior.

 

Taxable Claims Reports

Plan Administrators at companies with a WSA or who have employees in Quebec should login and pull the Taxable Claims Report to ensure all taxable claims are added to T4 statements.

 

Did you know?

Advisor deposit statements can be sent to other email addresses other than the advisor. If there is a department you need them sent you, please let us know and we can have them automatically forwarded to that email address each month.

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