Healthcare Spending Accounts (HSA)

The CSI HSA is intended to enhance the flexibility of our flex plans by making it possible for participants to use benefit dollars exactly as they see fit. As the name implies, they are pre-tax accounts set up in the names of employees, funded by the school, and administered by Manulife. Employees authorize payments from the accounts for expenses that are not covered, or only partially covered by the insurance plans. HSAs are tax-smart because they are funded with pre-tax money, and payouts from them are not taxable to employees (outside Quebec).

Schools using the flex plans may want to consider adding HSAs for the next school year. More information on CSI’s HSA plan can be found on Update 302 (available online at http://www.CSIonline.org) or by contacting the CSI Benefits Office.

Full Issue: No. 306 - October 2, 2006

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