|A MyHSA Flex Plan is a CRA approved Healthcare Spending Account (HSA).|
Or call us today at 1-780-437-5070
To Ask About A MyHSA Healthcare Spending Account
Highlights of the Healthcare Spending Account
The employer is always in control. Your employee benefits provider Benefit Strategies Inc. can help you pre-determine the fund amounts that are allocated for each employee to the health spending account. Traditionally, these allocated funds are applied at the beginning of the year for eligible expenses.
Employers – Use an HSA to customize your benefits program to fit the needs of your employees and 100% of he HSA costs are tax deductible.
Employees – Can access the MyHSA Flex Plan App for easy claim submission and fast reimbursement. Once the employee takes a picture of the receipt using the MyHSA Flex Plan App, they will receive a tax-free refund within 48 hours!
HSAs are becoming a very popular replacement for, or adjunct to, traditional employee benefits plans. They provide flexibility, practicality, and a cost-effective way to keep up with diversifying trends in employee health, vision, and dental coverage. HSAs are also a non-taxable benefit for employees so the claims, administrative fees, and expenses associated with your MyHSA Flex Plan are 100% deductible for employers.
What Does A Healthcare Spending Account Cover?
Guidelines developed by Canada Revenue Agency regarding medical expenses and claims cover most of the medical practitioners listed below. Many of these are not typically covered by group employee benefits plans.
Employers NOTE: Be sure to ask your healthcare benefits provider which of these medical services are covered under the Healthcare Spending Account you are considering for your employees.
Coverage may also be possible for Dental Work, Hospital expenses, Vision correction, and certain medicines.
Help Keep Your Employees Healthy
A health spending account for Canadian businesses can be an excellent benefit for attracting and keeping potential top-notch employees. From an employer’s perspective, healthy employees are more productive and happier, are more consistent in attendance, and greatly contribute to overall cost savings.
Coverage may include prescriptions by a doctor for medical devices, equipment for individuals with impaired vision, and costs related to hearing or sight impairments. Even cosmetic surgery could be included depending on the circumstances.
Have More Questions About A Healthcare Spending Account
A Health Care Spending Account is the most tax efficient way to offer your employees coverage for health, vision, and dental expenses through your business. Benefit Strategies Inc. can also help you develop a custom employee benefits plan.
As an employer, you will have complete control over the amounts available and which employees the MyHSA Flex Plan will cover. You and your broker will also determine the Plan coverage limits.
Daryl Smith (CFP, CLU, ChFC, TEP) at Benefit Strategies Inc. is a highly skilled employee benefits planner and works with clients throughout Alberta, Western Canada, the Yukon, and the Northwest Territories.
Daryl would be happy to answer your questions and discuss all the benefits of the MyHSA Flex Plan App and implementing a Healthcare Spending Account for your business or organization.