Group Benefits and Group Health Insurance
With a health spending account, you don’t need to reach a spending threshold equal to 3% of your income before claiming the Medical Expense Tax credit. With an HSA, dollar one is tax free!
Consider your health and dental care costs. A business owner earning $65,000 a year with $5,000 in out-of-pocket medical costs can reduce personal taxes almost $2,000 by using a 100% tax deductible HSA.
Just think about it - companies with private health coverage for their employees pay, on average, 30% MORE than those with HSAs! (Health Savings Accounts)
That's because HSAs are 100% tax deductible, so the money used for healthcare spending is pre-taxed money.
No Start Up Fees or Hidden Costs
Low Admin Fees Lowest administration fees in the industry
No Limits on Eligible expenses
Web based Simplified Claims Process-Fast low fee turnaround
Easy Online Access to view claims and balances
No Exclusions-you can claim for all CRA approved services
Carry Forward unused Dollars
We've also said it before and will scream it off the rooftop again and again (okay maybe we won't actually scream it).... HSAs are also more flexible and personal than regular insurance, and will save the company AND employees money in the long run.
The beauty is, HSAs are great as a standalone benefit but are also just as great as a complementary benefit when combined with a regular benefit plan.
Orthodontics, Elderly care, Massage therapy, Laser eye therapy, Fertility treatments
Naturopath Services, Dietitian Services, Special Needs Care …and lots more!
ADD EMERGENCY COVERAGE TO THE MIX
•Emergency out of province travel –$3 for single, $5 for family coverage per month
•Excess Medical coverage –$10 for single, $20 for family coverage per month
•…or both…ask us for more info!
HSA coverage is broader and more flexible than a traditional benefits Plan.
That means there's not as many restrictions (yay!).
So, a traditional plan generally has a limit on expenses - for example, only 80% of Dental Services would be reimbursed, up to a maximum dollar amount in a set time period, or only $50.00 is reimbursable per Massage visit.
However, with an HSA, there's no set percentage of coverage or dollar limit for certain services. There's also no deductibles that need to be reached before eligible expenses are reimbursed!
The only limit to the amount reimbursable for eligible expenses is the amount of funds available in the HSA.
An HSA is also an awesome complement to existing coverage to reduce out of pocket costs for medical expenses!
If someone is also partially covered by another Plan, they can claim amounts not reimbursed by that Plan through their HSA - so, they're getting full reimbursement of eligible expenses!
There's also great tax benefits with an HSA. Personally, every dollar is tax free to the Member. As a corporation, a company can deduct the contributions and fees related to the HSA as a business expense.
If a person were to pay for health expenses outside of an HSA, it means they'd have to file for such expenses on their tax return. Using the CRA's Medical Expense Tax Credit (METC) requires that a family reaches a certain (rather high!) healthcare expense spending threshold before the credit can be used.
Additionally, we ensure that all submitted expenses meet CRA eligibility criteria, preventing any possible future tax implications.
Keep in mind, we're not tax professionals, and therefore can't give tax advice, so if you have any tax related questions, definitely get in touch with a tax professional!
How Do HSAs Work?
It's really simple!
The Plan Sponsor (company) makes regular contributions on behalf of one or more of the employees, and these contributions go into Member Health Spending Accounts.
We as the trustees then hold onto the funds in legal trust on behalf of the Members, who can use available funds toward the reimbursement of eligible medical expenses.
Our awesome Claims Experts process and adjudicate claims quickly and thoroughly once received to ensure the funds are reimbursed to Members as quickly as possible.
Easy peasy, right?!
*HSA Content Copyright Blendable*
We believe that employers should help employees stay healthy and financially fit. As part of this we encourage you to please take advantage of our online comparative group benefits and group insurance quotes. Keep your business fit and healthy:
- Education on optimal plan designs for your particular business
- Quotes for the top 3 Group Health and Life benefits plans
- Expert support for Group benefits plan design
- Evaluate your current group benefits plans
- Understand your options for Group Retirement Plans if you are leaving your employer or just left your employer
- Understand how to convert your health, dental, life insurance, disability and critical illness group plans into personal plans if you are retiring or leaving your employer
- Considering retirement let us walk you through your options, services and products that may be appropriate
Group Benefits Includes:
Group Pension Plans include defined benefits and defined contribution plans offered by Canada’s largest pension plan providers.
- Group RRSP’s
- Group TFSA’s
- Group DPSP’s deferred profit sharing plans
- IPP’s Individual personal pension plans for business owners
Provide tax efficient Health and Life employee benefits:
- Group Short Term Disability Insurance
- Group Critical Insurance
- Group Life Insurance
- Medical and Hospital
- Drugs and medicinals
- Psychological and Paramedical
- Do you currently have Group Insurance
- Or Group benefits plans
- Name of current Insurance Company
- Number of employees
- Renewal Date
- Name, Phone number and email contact details of main decision maker (s)
Health Insurance Quote