Health Spending Account available on September 1, 2020

To: All Eligible OSSTF Education Workers

From: Donna Morrison, Executive Director

August 25, 2020

The Trustees of the OSSTF Employee Life and Health Trust (ELHT) are pleased to announce the implementation of a one-time only $1,000 credit to a Health Spending Account (HSA) for all eligible OSSTF Education Workers.

Eligibility is based on the member being a permanent OSSTF Education Worker as of the date that (1) the OSSTF Central Agreement for Education Workers was ratified, May 22, 2020, and (2) the HSA will be implemented, September 1, 2020. Eligibility ceases when a member retires.

Here are some highlights of the HSA:

• This one-time $1,000 credit to the HSA is over and above the negotiated funding for the OSSTF Benefits Plan.
• Benefits coverage under the OSSTF Benefits Plan remains active for participating members.
• This HSA will be administered by Blendable.
• The $1,000 can be used by members and their eligible dependants towards any medical expense that is allowable under Canada Revenue Agency (CRA) guidelines.
• The $1,000 is not taxable to members

Although it was the intent that there be no expiration of the $1,000 HSA credit for eligible members, through further investigation it has been determined that in order to comply with applicable Canada Revenue Agency guidelines, there must be a time limitation on the use of the HSA funding. Funds therefore must be utilized on or before August 31, 2022 by eligible members and/or their dependents.

In the coming weeks, eligible members will receive more information about the HSA, Blendable and how to register.

If you have any questions, please contact Donna Morrison, Executive Director at OSSTF Benefits, at donna.morrison@osstfbenefits.ca.

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The information in this document is provided by OSSTF Benefits for general information only. OSSTF Benefits endeavours to have all information current and accurate. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, or suitability of the information included. All information is subject to change without notice.

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