We know the world of Health Spending Accounts can be daunting so here is a list of common terms that you will see around:
Amount Claimed: The claimed amount is the total noted on your claim form.
Amount Paid: The amount paid is the sum of all eligible expenses you are being reimbursed once your claim is finished the processing stage.
Benefit Coordinator: Also known as the BC, this is the person from your business that has administrator permissions for the benefit plan. We only provide plan information to the Benefit Coordinator.
Benefit Limit: The fixed dollar amount an employee receives each plan year.
Claim Deadline: The date deadline you have to submit a claim for your plan. For example, many employees must submit their claims within 30 days after the plan year end.
Classifications: These are the categories that each of your employees are placed in which designate what their benefit limit will be.
Dependents: Dependents are defined as your legal spouse and unmarried, unemployed dependent children including natural, adopted or step-children. Children of a common-law spouse may be covered if they are living with the employee
- A spouse of an eligible Employee who is either:
- legally married to the Employee; or
- a person who is living with the Employee and who is publicly represented as the Employee’s spouse or partner; and
- Any financially dependent member of the Employee’s household with whom the Employee is connected by blood relationship, marriage or adoption.
Dependent children are eligible for benefits to a maximum of 25 years of age if the child is a full-time student or is mentally and/or physically disabled.
Effective Date: The effective date is when the Plan is to commence or when the employee is eligible for the Plan.
HSA: Health Spending Account
PAC: Pre-Authorized Cheque. This is the fixed amount that will be pulled from your business account on the first business day of the month. The Benefit Coordinator can adjust this amount at any time to meet the group's claiming needs.
Plan Year: Your Plan either runs with the calendar year or on a unique 12-month period that was set up when your plan was created. As the Benefit Coordinator can view your plan year dates within your MyOlympia account.
Ready to Pay: This status means that you claim has completed the processing stage and payment will be issued shortly.
Ready to Process: This status means the claim has been received and has now begun processing. Once all the items you are claiming have been entered into the system, the status of your claim will change again.
Request for Funding: This means that additional funds are needed to pay the claim.
Reset (Benefits): Under this option, the benefit limit must be used within a given plan year or the benefit is forfeited. Olympia does not receive or keep the forfeited amount.
Rollover (Benefits): This is the unused portion of the benefit limit that will be carried forward into the next plan year. The amount carried forward must be used within 12 months.
Service Date: This is the date when the procedure, service or prescription occurred.