Olympia Benefits has adjudicated over 1 million claims in the past 20 years. The volume of claims processed offers a wealth of insight into the patterns and behaviors of small businesses across Canada.
Here are the top 5 most claimed medical expenses (by dollar value) by Canadian small businesses over the past 20 years.
No surprise here. Dental expenses are one of the most common and unfortunately one of the most expensive categories in healthcare. Approximately 47% of all claimed Health Spending Account expenses were in the dental and orthodontics category.
Note: Orthodontics and extended dental are 100% eligible with a Health Spending Account.
2. Prescription Drugs
The second most costly component of health care (not just for small businesses but across Canada), prescription drug cost largely reflect pharmacological management of chronic diseases and conditions for instance, heart disease and high cholesterol, hypertension, diabetes, depression and pregnancy prevention. Approximately 20% of claimed expenses were in this category.
3. Massage, Chiropractic, Physiotherapy
With the majority of small business owners and employees sitting most of the day, chronic back and muscle pain mean these professional services are in high demand. Approximately 14% of claimed expenses were in these categories.