The Beginner's Guide to Health Spending Accounts
A brief rundown of Health Spending Accounts for a small business with employees. This plan is eligible for Canadian business owners.
A Health Spending Account is a cost-effective alternative to health and dental insurance.
It is a special spending account established for your employees.
The benefit is 100% tax free to your employees and 100% tax deductible for your business.
There are no premiums.
Identify custom classifications of employees. Each classification will receive a specific dollar amount for their spending account.
Select how much to offer each custom classification. For example, managers receive $1,500 and full-time employees $1,000.
A monthly contribution is deposited from the employer account and held in trust with Olympia to fund employee claims.
A Health Spending Account is not a plan of insurance.
Your business will only be charged a flat 8% administration fee on the value of claims submitted.
Break free from health and dental insurance.
Employee pays medical expense.
Employee submits claim online.
Olympia debits employer funding account.
Olympia reimburses employee directly.
The reimbursement is 100% tax free to the employee and 100% tax deductible for the employer.
Develop a culture of wellness and extend the reach of your benefit approach by implementing a Wellness Spending Account
Stand out as an employer of choice by expanding your wellness program to include virtual healthcare. Increase productivity, reduce absenteeism, and see happier employees!
Protect your employees from unplanned medical emergencies inside and outside Canada. Give them peace of mind during life's crucial events.
8% admin fee
Health Spending Account
8% admin fee
Wellness Spending Account
$15 monthly per employee
Virtual Healthcare: Dialogue
How does an HSA work?+
An HSA is a cost effective alternative to traditional health insurance. It is a special spending account established for your employees. The benefit is 100% tax free to your employee and 100% tax deductible for your corporation. There are no premiums. Read more about how an HSA works.
What are the eligible expenses? +
There is a wide range of eligible expenses for an HSA. You can view the complete list here.
How do I make a claim? +
The payment from your corporation is 100% tax deductible. The reimbursement is 100% tax free.
What’s the difference between an HSA and insurance?+
An HSA has no premiums, no deductibles, no copayments, and wide range of eligible expenses. Read more here.
What is the administration fee?+
Instead of a premium, your business will pay 8% on the value of employee claims. The claims and the administration fee are tax deductible.
How do I fund my plan? +
Once per month a predetermined amount is withdrawn from your business bank account. The amount is determined by you and the funds belong to you at all times.
Is there an age restriction? +
There are no age restrictions with the HSA, WSA, or telemedicine. Insurance plans are restricted to age 70.
What are the guidelines on benefit levels? +
You can determine the amount to offer each classification. Shareholder’s cannot receive 10 times more than the lowest category. The minimum amount to offer is $250.
How do I sign up? +
One low administration fee for all to see
Gain from our standing as a transparent and regulated public company
10 day refund on all new plans if not satisfied