A MyHSA Flex Plan is a CRA approved Health Care Spending Account (HSA).
- If your employees do NOT have an employee benefits plan, a health care spending account will be able to help them. Your employees may be eligible for coverage on some of their medical, vision, and dental expenses.
- However, if a group employee benefits plan is in place, the health care spending account can be utilized for areas that are not generally covered by the employee benefits program. These areas may include coverage for vision care and orthodontics.
Inquire About a MyHSA Account
Call (780) 437-5070
MyHSA Canada Highlights
- Activities can be tracked in real time
- Employees can submit claims online thru the App
- Electronic Funds Transfer (EFT) within 48 hours – no waiting for cheques
- Live Chat support through MyHSA Flex Plan App
- MyHSA Flex Plan App available for iOS and Android devices
Highlights of the Health Care 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 care spending account. Traditionally, these allocated funds are applied at the beginning of the year for eligible expenses.
Employers – Use your MyHSA account to customize your benefits program to fit the needs of your employees and 100% of the HSA costs are tax deductible.
Employees – They can access the MyHSA 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!
A MyHSA account is becoming a very popular replacement for (or adjunct to) traditional employee benefits plans. The MyHSA account provides 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 therefore the claims, administrative fees, and expenses associated with your MyHSA Canada Flex Plan are 100% deductible for employers.
What Does A Health Care 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 health care benefits provider which of these medical services are covered under the MyHSA Account you are considering for your employees.
- Chiropractor/ Osteopath
- Dentist/ Dental Mechanic
- Gynecologist/ Obstetrician
- Registered Masseuse
- Nurse/ Registered Midwife
- Optician/ OptometristOrthopedist
- Physician/ Medical Doctor/ Pediatrician
- Surgeon/ Plastic Surgeon
- Psychiatrist/ Psychoanalyst
- Registered Psychologist
- Licensed or Registered Practical Nurse
- Speech Language Pathologist
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
- More consistent in attendance
- And greatly contribute to overall cost savings
MyHSA Canada coverage may include prescriptions by a doctor for medical devices as well as equipment for individuals with impaired vision. The costs related to hearing or sight impairments may also be included. Even cosmetic surgery could be included depending on the circumstances.
Have More Questions About A Health Care 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 Account 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. He works with medium sized businesses (with 10 or more employees) 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 App and implementing a Health Care Spending Account for your business or organization.