Making the best use of your Health Care Spending Account and your Professional Expense Reimbursement Account
Western provides many of its employees with two spending accounts that can be used to cover a wide variety of expenses.
The two accounts are:
- Health Care Spending Account (HCSA) – this account can be used to cover medical and dental expenses that are not covered (or only partially covered) by your Extended Health and Dental plan. For instance, you can use it to help pay for prescription dispensing costs, the portion of a dental bill you would normally pay for yourself, for physiotherapists and massage therapists, and a wide variety of other expenses.
- Professional Expense Reimbursement account (PER) – this account has been established to help pay for professional expenses including conference registration, travel and accommodation, special computer software, journal or professional publication subscriptions and other expenses.
to the two accounts above, Western also offers many employees “Flex Credits”. These credits can be allocated to either of the two accounts mentioned above.
Tax rules stipulate that a decision about how much you allocate to each account must be made in the year prior to the year the account is utilized. For instance, in November 2014 you have been asked to make a decision about how you will allocate your funds for use in 2015. If you do not make a decision on how to allocate those funds by December 5, 2014, you still will receive the funds, but a default allocation is made on your behalf, and you may not change it once the deadline has passed .
The Health Care Spending Account and the Professional Expense Reimbursement Account are available to the following employee groups. Choose your employee group to get details.
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