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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.
Forget about copayments, deductibles, and a long list of exclusions. There's a better way to provide benefits.
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.
We sat down with one of our partners to discuss HSAs for small businesses. Hear everything you need to know about this product.
One low administration fee for all to see
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10 day refund on all new plans if not satisfied
