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The secret to affordable braces

Posted by K. Fry on May 5, 2014
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Although it’s difficult to put a price tag on a beautiful smile and healthy teeth, there’s no doubt braces are a significant financial investment.  Due to wide variations in pricing, costs for braces can range from about $3,500 up to $10,000 and beyond.

Fortunately, if you’re a small business owner in Canada, there’s a secret to affordable braces.

The secret to affordable braces is a Health Spending Account. 

What is a Health Spending Account?

A Health Spending Account (HSA) is a product desinged for small busines owners across Canada.  It combines elements of medical insurance and tax planning.

  1. Also known as a Private Health Services Plan (PHSP)
  2. Used by Canada’s small business community as an alternative to traditional insurance 

Reduce the cost of your braces

With a HSA, your business will pay for 100% of the cost of your braces.  

  1. The expense is deducted by your business
  2. The benefit is 100% tax free to you personally
  3. There are no deductibles or co-payments  
  4. For families in upper tax brackets, your dental costs can effectively be cut in half

Get full coverage

A Health Spending Account offers 100% coverage.

  1. Wide and deep range of eligible medical expenses
  2. A traditional insured plan limits access to benefits
  3. Inclusive definition of a dependant

Do I qualify?

You will qualify for a Health Spending Account if the following conditions are met:

  1. You own a corporation
  2. You have medical expenses
  3. You pay income tax

Health Spending Accounts have been widely adopted by Canada’s small business community as a viable alternative to traditional insurance.  Olympia HSA currently administers Health Spending Accounts for over 30,000 Canadian small business owners.

what is a health spending account