Every year, Health Spending Accounts (HSA) save small business owners thousands of dollars when paying for their health and dental expenses.
The HSA is a tax-free benefit that can be used to pay for a wide range of eligible expenses, over and above regular benefit plans. Our HSA's are administered in compliance with Canada Revenue Agency guidelines.
What is a Health Spending Account (HSA)?
A Health Spending Account is a cost-effective alternative to traditional health insurance. Health and dental benefits offered through this plan are 100% tax deductible to the employer and received 100% tax free by the employee.
One of the most appealing aspects of an HSA is the absence of premiums, hidden fees, deductibles, copay, or complex policies, which often complicate traditional insurance plans. This simplicity and transparency make HSAs an attractive option for both employers and employees.
How does a Health Spending Account work?
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When the employee claims, they are reimbursed directly for 100% of the claim, tax-free, up to the yearly benefit limit
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The employee can claim all their health and dental bills as needed. They manage their yearly claims and select what medical treatments matter to them. They are not restricted by any category or type of expense.
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Expenses in an HSA only occur when a claim is submitted. Once a claim is made, it is funded by the business.
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During a claim, the HSA facilitates the direct transfer of benefits from the business to the employee.
With a Health Spending Account, you can pay for your personal medical expenses through your corporation. And if you have other employees besides yourself, they will be reimbursed for their medical expenses tax-free. It's a win-win for all parties involved.
Choosing your HSA provider
There are several HSA providers out there. What makes Olympia Benefits special is:
Health Spending Accounts are used by companies across Canada to control their medical costs and receive more flexible coverage than a traditional health insurance plan. If you have medical expenses, then this plan will save money for you.
