How does Olympia Benefits work?

By: Alden Hui Updated: July 8, 2021

Topics: health spending account, olympia benefits

Olympia Benefits is a leading provider of Health Spending Accounts in Canada. We provide HSAs to over 57,000 businesses across the country. Our plans are easy to use because they are 100% digital.

The Olympia Health Spending Account is available in four different packages (Basic, Plus, Deluxe, and Group). All four packages are for corporations.

The Basic, Plus, and Deluxe is for an incorporated individual (can include a 2nd employee if it is a spouse), with the most popular option being the Plus.

Watch this video if you are an incorporated individual:

The HSA Group plan, like the name suggests, is for a corporation with staff (arm’s length employees). A standard example is a restaurant.

Watch this video if you own a corporation and have a staff:

The reason we separate the packages is because the Group plan is pre-funded at the start of each month. This ensures that employees can be reimbursed faster after making a claim. The minimum amount to prefund is $100 every month. Additionally, with the group plan, employers can create classifications and limits based on employee type (manager, full time, owner, etc.).

After signing up with Olympia Benefits, you will receive an account to log in and make claims. On your first log in, you will be asked to enter direct deposit information so that we can reimburse you after your claims are processed.

The Benefits of choosing Olympia Benefits:

1. Sign Up and claims are done online

You can sign up at the top right of our website.

2. The online claims platform will guide you step by step

I’m sure you are familiar with our platform after reading our guides, but if you forget anything, there will be instructions to guide you to your first claim.

3. Claims are processed within 2 business days

4. Reimbursements are direct deposit to your bank account

5. Pricing is competitive and based on plan type

The price you see is the price you get, it’s that simple. Check out transparent pricing on all packages.

How to make a claim with Basic, Plus, or Deluxe:

Example: $3,000 medical expense.

Step 1 - Pay for the $3,000 medical expense on your personal credit card.

Step 2 – Log in to your HSA account with Olympia and submit the details of your receipt online. You hold on to the original.

Step 3 - Send an online payment to Olympia from your business bank account for $3,000.

Step 4 - Olympia reimburses you directly for your original personal expense. A tax-free direct deposit of $3,000 will be made to your personal bank account.

The $3,000 reimbursement is TAX FREE.
The $3,000 payment from your corporation is TAX DEDUCTIBLE.

The claims process turns your after-tax medical costs into a before tax business expense. This process (including reimbursement) all occurs within 24-48 hours.

How to make a claim with HSA Group:

Example: $100 medical expense

Step 1 - Employee pays for their $100 medical expense.

Step 2 – Employee submits their claim online.

Step 3 - Olympia debits the employer funding account for the amount of the medical expense plus an 8% administration fee (total of $108).

Step 4 - Olympia directly reimburses the employee $100 for the cost of the medical expense.

The reimbursement to the employee is 100% tax free. The employer contribution ($108) is 100% tax deductible.

For full details, check out How does an employee make a claim?

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Write off 100% of your medical expenses

Are you an incorporated business owner with no employees? Learn how to use a Health Spending Account to pay for your medical expenses through your corporation: