Whether you just signed up with Olympia, or simply want a refresher around the basics of your plan this quick guide can help!What is a Health Spending Account?
Health Spending Accounts (HSA), also commonly referred to as ‘PHSPs’ means Private Health Services Plan. Plans of this nature are derived from Section 248(1) of the Income Tax Act (Canada) and Interpretation Bulletin 339R2. It enables employers to reimburse their employees for eligible medical expenses on a tax-free basis while deducting these expenses. The cost of these benefits is considered a business expense. “Eligible medical expenses” is defined as those expenses for which an individual can apply for a Medical Tax Credit on their personal income tax (Section 118(2) of the Income Tax Act (Canada)).
Why do I have two employee ID numbers within the same plan?
Clients who have signed up a group plan online will be provided an employee ID number to manage the initial set-up of the plan. Once you have added yourself as an employee, you have two options:
Leave it as is and use the employee ID number initially assigned to you for managing the group’s business and use your own personal employee ID number for your personal account
When logged in using the initial ID number you may turn on your employee ID# to act as a Benefit Coordinator. This way you will have access to both the group information and administration features of the portal, as well as your own personal information and claim details.
Am I required to enroll all my employees in the plan?
To ensure compliance with all regulations and relevant legislation, Olympia Benefits Inc. recommends that all full-time employees are enrolled in the plan. Part-time employees may be added at the employer’s discretion, unless your provincial labour standards code states otherwise.
Do my employees have to pay into this plan?
No. This is an employer-sponsored health benefit which means the employees do not pay any premiums or fees. The employee pays for their service up front and then the employer funds the claim through the business bank account.
Are my employees able to see how much funding the business has provided to fund their claims?
No. All business related information and activities are hidden from your employees. Only Benefit Coordinators have access to the business side of the plan.