Have you heard about an Employee Health Spending Account?

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What is a Health Spending account and how they benefit both you and your amazing employees!

A Health Spending Account or HSA is an employee benefits account that is flexible and offers many unique features that often just aren’t available with the common employee benefits plans. If you haven’t heard about them, you are not alone.

Let us walk you through the great features a Health Spending Account can offer your employees.  This is a great Employee Benefits option for both the small business and the Large business models and we’ll show you how it will be great for your budget and your employees!

Contribute a monthly amount (that works for your budget) into your employees HSA and the funds can then accumulate until they are needed.  With other benefits plans there are often limitations and restrictions associated with Dental, Chiropractic and so on. An HSA account will offer the ability to utilize the dollars on some options like a Naturopath that the average employee benefits plan just doesn’t offer. If the employee doesn’t use their benefits they continue to roll over! If they want to spend it on all on dental work, they can do that too.  This give them more control over the benefit and how it’s used. Not only does the money in an HSA roll over if unused, but it can also be transferred into an RRSP! Your money is never wasted and your employees will be pleased to know that if they haven’t utilized all the funds on health that they can tuck them away for retirement.

With an HSA your employee has the ability to choose to use as much as he/she would like on the care that she wants with no limits or spending caps except for the dollars that have been saved in their account.

This works great as not only an employee benefits account but for employees who may just need top up to their partners’ family plan.  Below is a more detailed list of the benefits and features of the HSA explained.

This is the benefit option that every employer should consider when looking for the most flexible, and affordable plan for their employees.

Features for the Business Owner Plan Sponsor

No start up or annual fees (no hidden costs!)

Low administration fees (some of the lowest in the industry.)

Cost Control  (You set the budget, no surprises on renewal!)

Pay for benefits your team values! (And don’t pay premium for benefits they don’t use.)

100% tax deductible!

Features for the Employee Plan Members

Simplified claims process (Fast claim turnaround and low, low claim fees.)

Easy Online Account access  (View and track claims and balances.)

Carry Forward unused funds ( Special rules apply for sole proprietors & HSA Plus)

No Plan Limits on eligible expenses (Use it all for massages or…? Only limit is the $ in the account.)

100% tax free!

What’s Eligible?

Orthodontics

Elderly care

Massage therapy

Laser eye therapy

Fertility treatments

Naturopath Services

Dietitian services

Special needs care

…and lots more!

Adding the right Coverage to the Mix

Emergency out of province travel – from $3.00 per month

Traditional Catastrophic insurance – Life, LTD, AD&D, Short term Disability, and Critical Illness etc

Employee/family assistance programs

Excess Medical coverage – from $10 per month

Wellness programs

Extended health benefits…  and more!

Blend in the best group services options

Adjudication and reimbursement of claims (included with an HSA)

Managed trust accounts

Managed cost plus HSA

Cost plus rollover of unused funds to RRSP

Administrative services only (aka ASO) with self-insured extended health benefits

…ask us for more info!

Get more info or start your HSA today!

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