Are You Looking to Provide Comprehensive Benefits to Your Employees?
Rise People is an integrated platform designed to unify HR, benefits, payroll, and time off, allowing you to focus on what matters most—your people. Rise Health plans provide quality group health coverage and a digital benefits experience that keeps employees satisfied.
Our plans include:
- Vision, Dental, and Mental Health Coverage: Comprehensive plans designed to attract and retain top talent.
- Modern Coverage Options: Access to an online pharmacy, virtual care, internet-based cognitive behavioral therapy (CBT), and a leading employee assistance program (EAP).
- Automated Premiums and Deductions: No more manual calculations or reconciliations. Our software ensures accurate, real-time updates.
- Compliance Assurance: Built-in rules ensure that updates comply with provincial regulations and your benefits plan structure.
- Unified Billing: Receive one consolidated monthly invoice and make one payment. We handle the rest.
Supporting thousands of Canadian companies, Rise People understands what employees need to thrive at work. Contact us today for a demo and discover the Rise advantage!
How Can HSA Funds Be Used?
Health savings account funds offer incredible flexibility and can be used to cover a wide array of eligible healthcare expenses. This flexibility makes HSAs an invaluable tool for managing both routine and unexpected medical costs. Here's a more detailed look at the types of expenses HSA funds can cover:
Medical Costs
HSA funds can be used for a variety of medical expenses, providing financial relief for many common healthcare needs:
- Doctor Visits: Payments for office visits to primary care physicians, specialists, and urgent care clinics.
- Hospital Services: Coverage includes hospital stays, surgeries, and procedures, along with associated costs such as anesthesia and lab tests.
- Surgery: Whether it’s a planned procedure or an emergency operation, HSA funds can cover the cost of the surgery and related hospital care.
Dental Expenses
Dental care is a significant aspect of overall health, and HSA funds can be utilized for numerous dental expenses:
- Routine Cleanings: Regular dental cleanings and exams are essential for maintaining oral health.
- Braces and Orthodontics: Orthodontic treatments, including braces and retainers, are eligible expenses.
- Dentures: Costs associated with dentures, whether partial or full, can also be covered by HSA funds.
Vision Care
Vision health is crucial, and HSAs can help cover the costs of maintaining good eyesight:
- Eye Exams: Regular vision check-ups to monitor and correct vision problems.
- Contact Lenses and Glasses: Purchase of contact lenses, eyeglasses, and related supplies such as contact lens solutions.
- Vision Correction Procedures: Procedures such as LASIK or PRK surgery to correct vision problems.
Prescription Medications
HSAs provide an excellent resource for managing the cost of medications:
- Prescription Drugs: Includes both brand-name and generic medications prescribed by your doctor.
- Over-the-Counter Medications: With a prescription, over-the-counter drugs such as pain relievers, cold medications, and allergy treatments can be paid for with HSA funds.
Other Eligible Expenses
HSAs can also be used for a variety of additional healthcare services, broadening their utility:
- Chiropractic Care: Visits to a chiropractor for spinal adjustments and other treatments are covered.
- Physical Therapy: Rehabilitation services to recover from injuries or surgeries.
- Mental Health Services: Counseling and therapy sessions with licensed mental health professionals.
- Preventive Services: Such as vaccinations and screenings.
- Alternative Treatments: Some alternative treatments like acupuncture may also be eligible.
Special Healthcare Services and Products
- Fertility Treatments: Including in vitro fertilization (IVF) and related medications.
- Hearing Aids: Purchase and maintenance of hearing aids and related devices.
- Long-Term Care: Expenses related to long-term care services and insurance.
Elder Care
For those who have aging parents or relatives, HSA funds can be a valuable resource to cover:
- Nursing Home Care: Costs associated with skilled nursing facilities.
- Home Health Care: In-home nursing care and assistance with daily living activities.
By using HSA funds for these diverse healthcare expenses, individuals can effectively manage their medical costs and ensure they are financially prepared for a wide range of health-related needs. This flexibility makes HSAs a powerful tool for maintaining both physical and financial health.
What Determines HSA Availability?
To open and contribute to an HSA, an individual must meet the following eligibility requirements:
- Enrollment in a High-Deductible Health Plan (HDHP): You must be covered under a qualifying HDHP. For 2024, a qualifying HDHP is defined as a plan with a minimum deductible of $1,600 for self-only coverage or $3,200 for family coverage.
- No Other Health Coverage: You cannot be covered by any other health plan that is not an HDHP. This excludes certain types of insurance like dental, vision, disability, and long-term care insurance.
- Not Claimed as a Dependent: You cannot be claimed as a dependent on someone else's tax return.
Many employers offer HSAs as part of their benefits package. These employer-sponsored HSAs often come with additional benefits, such as employer contributions, which can help boost your savings.
Streamline Your HR Processes with Rise People: The All-in-One People Management Platform
Streamline your HR processes with Rise People, the all-in-one platform that integrates benefits, payroll, time management, and performance management into one intuitive system. Rise provides affordable health benefits, a seamless digital enrollment experience, powerful payroll software and flexible scheduling and time-tracking solutions that save you time and effort. Trusted by companies of all sizes, Rise enhances every stage of the employee experience, ensuring your team has everything they need to thrive!
