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.
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
ADVANTAGES OF OLYMPIA HSA
No Monthly Premium
No Medical Underwriting
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
Including laser eye surgery
Contacts and solution
PARAMEDICAL SERVICES INCLUDING
Naturopathic Doctor (ND)
Plus Many More...
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