One of the great benefits of a Health Spending Account is the freedom it provides through an extensive range of eligible expenses. With this plan, you are able to claim 100% of your medical expenses. The full list of eligible expenses includes qualified medical practitioners, procedures, and medical devices, making a Health Spending Account an attractive choice for any small business owner.
With a clear cut eligible expenses system and claims platform, this plan is one of the most cost-effective options out there for small business owners to pay for their health and dental expenses.
Best of all, a Health Spending Account can work in conjunction with a health insurance plan (if you or a spouse chooses to keep insurance) Premiums contributed to health insurance and expenses not reimbursed by the insurance plan are both eligible expenses in a Health Spending Account.
In short, a Health Spending Account covers many popular and expensive medical expenses such as prescription drugs, massage therapy, hearing aids, prescriptions glasses, physiotherapy and more.
Besides the standard list below, some medical expenses are eligible on a case by case basis. If the service or product is a medical requirement, then ask for a doctor's note and in most cases, you will qualify for the claim.
The list of eligible expenses are determined by the CRA. Any medical expense that can be claimed on your taxes through vehicles like the Medical Expense Tax Credit, will also be qualified for a Health Spending Account.
See the complete list of Health Spending Account Eligible Expenses:
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