Sun Life: Health & Personal Spending Accounts (HSA/PSA)

🧾 Overview

As part of your Sun Life group benefits, you’ll receive funds each year to use toward either a Health Spending Account (HSA) or a Personal Spending Account (PSA). These give you flexibility to manage your health, wellness, or financial goals.

Annual Allocation:

• Current Thinkers (hired before this year, chose options before January 1): $900 per year, split however you want between HSA and PSA
• New Thinkers (January 1 - June 30): $900 in your first year, split evenly between HSA and PSA. After that, $900 per year with flexible allocation
• New Thinkers (July 1 or later): $450 in your first year, split evenly between HSA and PSA. After that, $900 per year with flexible allocation.

Special note for 2025:
If you were an active employee before July 1, 2025, you’ve already received $300 for your HSA/PSA on January 1 (or your hire date). You will get an additional $300 in your PSA on July 1, 2025, as part of the Eats and Treats plan transition.

Note: There is no carryover - funds must be used within the calendar year.

🏥 What’s a Health Spending Account (HSA)?

An HSA is a non-taxable account that reimburses you for eligible medical, dental, and vision expenses not fully covered by your benefits plan or the government.

🧠 Best for: Thinkers who want to use their funds for strictly medical-related expenses, like:

• Paramedical top-ups (massage, physio, etc.)
• Dental work
• Prescription eyewear or laser eye surgery
• Medical devices or supplies

📚 CRA list of eligible HSA expenses »

🧘 What’s a Personal Spending Account (PSA)?

A PSA is a taxable account that supports broader wellness-related expenses like fitness, mental health, and financial wellbeing.

🧠 Best for: Thinkers who want flexibility to use their funds on:

• Gym memberships, fitness equipment
• Health & wellness apps or services
• RRSP/TFSA contributions
• Courses, books, and more

🧾 Tax info: PSA usage is added to your taxable income for the year (e.g., if your salary is $50,000 and you use $300 in PSA, your new taxable income becomes $50,300).

📚 Eligible PSA expenses »

📥 Submitting HSA/PSA Claims

1. Log in to Sun Life and set up direct deposit.
2. Go to Submit a Claim.
3. Choose HSA or PSA based on your allocation.

✅ Example:

• Got $80 reimbursed from benefits for a $100 massage? You can claim the remaining $20 through your HSA.
• Bought a $500 bike? You could claim up to $300 through your PSA (if you’ve allocated that amount there).

📊 Checking Your Balance

Log in to the Sun Life mobile app, click Coverage Information, and view your HSA or PSA balance anytime. Once your funds are used up, the account will disappear from your claim options.

🔄 Updating Your Allocation

Each December, you’ll be asked to choose how to allocate your HSA/PSA funds for the following year.

To update your elections:

1. Log into BambooHR [http://thinkific.bamboohr.com]
2. Go to My Info > Personal
3. Update the HSA and PSA fields so they total your full allocation

⚠️ New hires will be defaulted to a 50/50 split.