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:
- Do you own a business?
- Do you have medical expenses?
- 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
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
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