Maximizing Your Benefits with Medavie Personal Wellness Account
Are you looking for ways to take control of your health and wellness? Look no further than a Medavie Personal Wellness Account (PWA).
Launched in 2016, the PWA is a unique, tax-free savings account that allows Canadians to invest in their health and wellness. From fitness equipment and gym memberships to mental health services and medication, the PWA offers a wide range of eligible expenses. In this article, we’ll explore how you can make the most of your PWA and maximize your benefits.
Understanding the Basics of Medavie Personal Wellness Account
Before we dive into the ways you can maximize your PWA benefits, it’s important to understand the basics of this unique savings account.
A PWA is a registered account that allows you to save money on eligible health and wellness expenses. You can contribute up to $1,500 annually, and unused contributions can be carried forward to future years.
One of the biggest benefits of the PWA is that it’s tax-free. Your contributions are made with after-tax dollars, and withdrawals for eligible expenses aren’t subject to income tax. This means you can save money on your health and wellness expenses and keep more of your hard-earned money in your pocket.
Finding Eligible Expenses
To make the most of your PWA, it’s crucial to understand what expenses are eligible. The good news is that the PWA covers a broad range of health and wellness expenses, including:
– Fitness equipment and gym memberships
– Massage therapy
– Mental health services, including counselling and therapy
– Prescription medication
– Medical devices and equipment, such as orthotics and mobility aids
– Vision and dental care
It’s important to note that not all expenses are eligible for reimbursement under your PWA. Before making a purchase, ensure that the expense is eligible by checking the PWA website or speaking with a customer service representative.
Maximizing Your Benefit
Now that you understand the basics of the PWA and eligible expenses, it’s time to explore how you can maximize your benefits.
1. Plan ahead: Make a list of eligible expenses you know you’ll have throughout the year, such as annual dental cleanings or prescription refills. This will enable you to budget appropriately and make the most of your annual PWA contribution.
2. Take advantage of carryforward: If you didn’t use your entire PWA contribution in the previous year, carry it forward and use it to pay for eligible expenses in the current year.
3. Combine with other coverage: If you have other health and wellness coverage, such as a group benefits plan or an employee assistance program, use your PWA to supplement your coverage and save even more money.
4. Shop around: Don’t settle for the first provider you find. Take the time to research and compare prices and services to ensure you’re getting the best value for your money.
5. Keep receipts: Keep all of your receipts, even if the expense isn’t reimbursed right away. You never know when you may need them for tax purposes or to submit a claim.
Conclusion
A Medavie Personal Wellness Account is a powerful tool for taking control of your health and wellness and maximizing your savings. By understanding the basics of the account and finding eligible expenses, you can make the most of your PWA and take control of your health and wellness. Remember to plan ahead, take advantage of carryforward, combine with other coverage, shop around, and keep your receipts to maximize your benefits.
