The 5 Top Most Claimed Medical Expenses With a Health Spending Account

Posted by K. F. on June 7, 2017

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.

1. Dental

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.

Note: medical expenses are not restricted by category with an HSA.

4. Vision Care

 Approximately 10% of claimed expenses were vision related.  

Note: Contact lenses and solution, prescription sunglasses and laser eye surgery are 100% eligible with an HSA.

5. Co-Payments and Premiums

An interesting category but not unexpected for those familiar with the wide range of eligible medical expenses through an HSA.  Deductibles as well as spousal premiums for traditional insurance contributed approximately 8% of all claimed expenses. 

Download the Olympia HSA Walkthrough for a comprehensive overview of Olympia's HSA product for incorporated professionals:

Olympia HSA Walkthrough for incorporated professionals