<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=140508033228343&amp;ev=PageView&amp;noscript=1">

Health Spending Account for a family business in Canada

Posted by K. Fry on June 5, 2015
Find me on:


Many small businesses in Canada are operated as an owner and spouse enterprise.  In fact, about 55% of all Canadian businesses are 1-4 employees.  For such a small company, it can be a challenge to find a cost effective means to pay for health and dental expenses.

Take a look at how the Olympia HSA can help reduce your medical costs.

 

Olympia HSA is designed for a business with no arm’s length employees. This includes Professional Corporations, Medical Corporations, and family businesses.

 

HOW DO YOU KNOW IF OLYMPIA HSA IS RIGHT FOR YOU?

Ask yourself three questions:

  1. Do you own a business?
  2. Do you have medical expenses?
  3. Do you pay tax?

If you answered “YES” to ALL of the above questions, OLYMPIA HSA will save you money.

 

HOW DOES OLYMPIA HSA WORK?

Example of a $3,000 medical expense.

Step 1 - Pay for the health and dental expense personally. This payment is made from a personal account. Let’s say your personal credit card ($3,000).

Step 2 - Submit the details of your receipt online to Olympia and send a payment online from your business bank account for $3,000.

Step 3 - Olympia reimburses you personally for your original personal expense. Let’s say through direct deposit to your personal bank account. ($3,000). The $3,000 reimbursement is TAX FREE. The $3,000 payment from your business is deductible.

SAVINGS & COVERAGE

SAVINGS COMPARISON

Chart

ADVANTAGES OF OLYMPIA HSA

  • No Monthly Premium
  • No Medical Underwriting
  • No Co-Insurance
  • No Deductible
  • Wide Range of Eligible Expenses
  • Inclusive Definition of Dependant
  • Easy to Understand

HIGHLIGHTS OF ALLOWABLE EXPENSES INCLUDE

ALL PRESCRIPTION DRUGS
  • Including lifestyle drugs
  • Drugs deemed experimental or not listed on a provincial formulary
ALL DENTAL
  • Including veneering
  • Orthodontics
ALL OPTICAL
  • Including laser eye surgery
  • Contacts and solution
PARAMEDICAL SERVICES INCLUDING
  • Chiropractic
  • Massage
  • Physiotherapy
  • Orthotics
  • Naturopathic Doctor (ND)
  • Plus Many More...
PREMIUMS
  • Premiums for Travel Medical Coverage
  • Health & Dental premiums paid for non government health plans
OTHER ELIGIBLE EXPENSES
  • MRI’s, Tuition for special needs children, any services provided by a medical practitioner that is approved by the Canada Revenue Agency

View the entire list of eligible Health Spending Account expenses.

 

GET STARTED IN LESS THAN 5 MINUTES BY
APPLYING ONLINE

what is a health spending account