Health Benefits

A cost-effective solution to access a World of Health Services 

A Health Spending Account is an account that is established exclusively to pay for healthcare services for you and your dependent family members.  Your contribution is 100% tax deductible for your business, and a tax-free benefit to you when you incur healthcare expenses.

An HSA is a great alternative - or supplement - to a traditional employee health benefits program. Unlike traditional plans, which often include items that you or your employees don’t want or need, a Health Spending Account allows you and your employees to choose which healthcare services you want to use and to fund through your benefits dollars.

How it Works

A business owner deposits funds into the Health Spending Account for themselves, or on behalf of their employees. The funds are deposited on a pre-tax basis, which means the account holder does not pay income tax on any amounts deposited in the account. Deposits can be made on a monthly, quarterly or annual basis, allowing you to plan your spending and offering budget certainty.

When an HSA holder incurs an expense for an eligible healthcare service (CRA approved), they then submit the expenses to the administrator of the HSA, and the funds are reimbursed to the account holder.

Why use a Health Spending Account?

By setting up an HSA and submitting your healthcare expenses to be reimbursed from your account, you save 35% or more on your healthcare expenses because you are using pre-tax dollars.

But what about protection against the unexpected? 

You could choose to add on a drug and catastrophic health insurance plan that can be purchased through your Health Spending Account.  You have protection from unforeseen catastrophic loss due to accident or illness, drug coverage of up to $100,000 per family ($25,000 for an individual), Accidental Dental Care, Private Duty Nursing, Semi-Private Hospital Care and more.  Starting from as low as $50/month for a single to $75/month for a family of 4, the optional insurance gives you the peace of mind that comes with knowing you are protected against the unexpected.

What are the administrative costs?

There is an admin fee of 10%, plus taxes, on your monthly payment.