Health Spending Accounts (HSA) are an alternative to traditional health and dental insurance for small business owners across Canada. The HSA in Canada is a cost effective means to pay for out of pocket medical expenses. While straightforward and easy to use, you should be aware of some key concepts.
Take a look at the 9 links you should be aware of.
1. Eligible Expenses
Find out if your upcoming family medical expense are going to be eligible for your HSA in Canada. Want the complete list of expenses? Here's 124 eligible expenses for a Health Spending Account.
2. Dependants
Is your 22 year old daughter eligible for a HSA? What is the definition of a Health Spending Account dependant?
3. Claims
What's the turnaround time for a HSA claim? Get an idea of the claim process.
4. Limits
Can you claim an unlimited amount of medical expenses or are there limits within a HSA?
5. Backdating
Can you reach into the past and claim a medical expense before your HSA was established?
6. Travel Expenses
You need to visit a doctor in the United States. Here's what you need to know about travel expenses related to a medical procedure.
7. Choosing a provider / administrator
What factors should you consider when selecting the company that will administer your HSA in Canada?
8. Guidelines
Here's a link to specific HSA guidelines for those of you who are particularly interested in technicalities.
9. The 7 Most Important Rules
There must be an employer / employee relationship to satisfy the requirements of a HSA. Here's the other critical conditions.
Are you a small business owner in Canada? Take a look at how the Brown Family, small business owners in Alberta, managed to reduce their healthcare costs over 30% by using a Health Spending Account.
What's in this article
