CAE gives eligible employees a base allocation of CAEselect Dollars. You also receive an additional amount calculated as a percentage of your base salary. That’s because the cost of some coverage is related to your base salary. You use CAEselect Dollars to pay all, or part of, the cost of the benefits options you select.
Earn extra wellness dollars
CAE wants to support a culture of wellness and a balanced approach to health and overall well-being. When you enroll and answer the online questions:
Health Spending Account (HSA)
Use your HSA to pay for eligible medical or dental expenses not reimbursed under your selected Flexible Group Insurance Program options or under your spouse’s plan (if applicable).
For a complete list of HSA eligible expenses, access the Sun Life document “Health Spending Account (HSA) – Eligible Expenses“, located on the CAE Benefits website > Group Insurance Program > under the Forms tab. For more information, you can link directly to the Sun Life website through the CAE Benefits website.
You must have CAEselect Dollars in your HSA on the date the expense is incurred – not the date you submit the claim for payment – if you would like to be reimbursed.
If you don’t use the full HSA balance in the year it is allocated, your account balance can be carried over into the following year only. At the end of the second year, unused CAEselect Dollars will be forfeited. Learn more in the FAQs.
HSA Tax Facts:
- CAEselect Dollars allocated to the HSA are not taxable.
- Quebec employees – the amount deposited into your HSA remains tax free until an eligible expense is paid from the HSA. The amount paid from the HSA is subject to provincial tax, as well as applicable fees and taxes. The amount paid from the account is federal tax exempt.
Personal Spending Account (PSA)
The Personal Spending Account is designed to further support your health and well-being. This account allows for the reimbursement of specific wellness-related expenses, such as nutrition programs, fitness equipment, day care for children and elder care.
For a complete list of eligible PSA expenses, access the Sun Life document “Personal Spending Account (PSA) – Eligible Expenses“, located on the CAE Benefits website > Group Insurance Program > under the Forms tab. For more information, you can link directly to the Sun Life website through the CAE Benefits website.
Benefits paid by the PSA are a taxable benefit at both the federal and provincial levels.
Similar to the HSA, CAEselect Dollars allocated to the PSA can be carried over to the following year only. At the end of the second year, unused CAEselect Dollars will be forfeited. Learn more in the FAQs.
In order for you to be reimbursed from your PSA, you must send your claim to Sun Life no later than 90 days after the end of the benefit year during which the eligible expenses are incurred.