beyond MD with Dr. Yatin Chadha Dissecting Health Spending Accounts (HSAs) with Justin Manning
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Jul 11, 2024 Justin Manning, a licensed life and health insurance broker, shares his expertise on Health Spending Accounts (HSAs). He explains how HSAs can utilize pre-tax dollars for medical expenses, making them advantageous for many. Justin discusses eligibility criteria and what services are covered, including travel insurance. He also highlights the flexibility of HSAs compared to traditional insurance plans and addresses potential pitfalls, such as fraud. His insights help demystify HSAs, making them appealing for both individuals and businesses.
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HSA Eligibility for Incorporated Professionals
- Incorporate your professional practice and draw T4 income to be eligible for an HSA.
- Consult your tax advisor for best practices regarding HSA setup.
HSA Dependent Coverage
- Include your spouse, children under 21, and other eligible dependents in your HSA plan.
- Eligible dependents include children under 25 in post-secondary education and financially dependent relatives.
HSA Coverage Scope
- HSA covers a wider range of expenses than typical insurance plans, including travel insurance and IVF.
- It aligns with CRA's list of eligible medical expenses.