COVID-19 and Your Health Spending Benefit Expenses Deadline – March 22/20
With the plan year coming to an end on March 31, will the deadline for Health Spending Benefit expenses be changed?
The answer, pure and simple is: We don't know yet.
With things moving so quickly around COVID-19, and with the impact that precautionary measures are having on just about every aspect of society, the entire insurance industry is grappling with issues like this. One challenge is that Health Spending Benefits fall under Canada Revenue Agency rules, so it's not just an insurer decision - the government will need to agree, too.
On an optimistic note, depending where you are, there are other financial deadlines that are being extended or deferred, such as income tax, property taxes, utilities, etc., so it may be possible to change the Health Spending Benefit deadline, but we do not know yet.
We're trying to get an answer for you ASAP, and Canada Life is working to prioritize issues as quickly as possible. We're also trying to find out if plan year maximums can have an extended/ modified date, too.
We fully understand why you need an answer quickly. We promise to provide you with an update as soon as we know more.
In the meantime, please do everything you can to protect yourself and your loved ones, and stay well.
Your 667/669 Health & Welfare Fund Trustees