The Ryerson Health Plan is designed to help you pay for many routine and unexpected medical and dental expenses for yourself, your spouse and your dependents.
While the Ontario Health Insurance Plan (OHIP) provides basic coverage, a number of services and supplies are not covered.
Ryerson helps pays for coverage by depositing funds to your Health Spending Account (HSA).
An HSA works like an expense account that you submit claims against. Ryerson deposits an annual amount to your account and eligible expenses will be reimbursed by the insurance company up to the maximum in your account.
HSAs provide more flexibility and choice than a traditional benefit plan:
The Plan reimburses 100% of eligible expenses up to the limit in your HSA.
In your first year, $1500 is deposited in your account on a prorated basis and then $2500 is deposited in your account on January 1 the following year.
For example, if you are hired in January, you will have the full $1500 to spend during that calendar year. If you are hired in October, your account will be credited with $375 ($1500/12x3). On the January 1st following your hire date, you will have $2500 deposited to your account.
The exception is if you are hired in December, you’d have $125 for the current year and $1500 would be deposited on January 1 (one month later). You’d be eligible for the $2500 deposit on the following January 1 (13 months later).
Below is a list of items that can be reimbursed through the HSA, provided they would qualify as a tax deductible expense under the Income Tax Act of Canada:
For a complete list of what is a tax deductible expense, visit the Eligible medical expenses you can claim on your return on the Government of Canada’s website.
Any funds not used in one year can be carried forward to the next year but will be forfeited if not used in the second year.
For example, if you were hired in March, you would have $1250 ($1500/12x10) in your account for year 1. If you only claimed $600 in your first year, you would still have $650 carried forward into the following year. This $650 would have to be used by the end of the second year, or it will be forfeited. However, you would still have the $2500 that was deposited at the start of year 2.
Expenses incurred in one year cannot be covered by funds deposited in the following year.
For example, if you were hired in May, you’d have $1000 in your account for year 1. If your first claim was for laser eye surgery that cost $2000, you would only be reimbursed $1000, since that is all that is available in your account. The additional $1000 cannot be claimed against the deposit that will be made at the beginning of year two.
If you call Sun Life to inquire about dental coverage, they may tell you that you don’t have dental coverage, but you do. You need to tell them that you have an HSA and that your dental expenses can be claimed against the account.
Your coverage under the active employee benefits program will end on the earliest of the following dates:
Coverage for your dependants stops when they no longer qualify as dependants or when your own coverage ends.
Ryerson reserves the right, at any time, to amend, change or discontinue any benefit coverage. If there is a question about coverage referred to in any portion of this benefits communication, the master contract from the insurer is the governing document.