A health spending account (HSA) is a Canada Revenue Agency-approved method that allows personal qualifying medical expenses (e.g. health, dental, vision, massage, chiropractic) to be paid for in a tax-efficient manner.

Through myHSA, your corporation can write off 100% of all qualifying medical expenses. Qualifying medical expenses incurred by employees and their families can be reimbursed tax-free.

This product is ideal for business owners who are incorporated. It is the most tax-effective way to run health, dental and vision expenses through the corporation. HSAs substantially reduce actuarial, administration and adjudication expenses, reducing employer costs.

An HSA can be used as a standalone health plan or with a traditional insured plan. Traditional insured health plans typically offer restricted health benefits and dollar
maximums.

The myHSA plan is a Pay-As-You-Go plan. There are no mandatory monthly or annual premiums. You only pay if and when a claim is submitted. There are no deductibles and no restrictions on qualified expenses. When an expense is submitted, the corporation simply pays the claim amount plus an administration fee. The HSA fee covers the administrative and compliance service required for the benefits to be paid non-taxable. The claim is then processed online.

The employer has complete control over which employees are covered under the plan. Separate classes of employees can have separate amounts available for the employees to spend.

For business owners, the default is S 15,000 per annum per individual (if you have an extraordinary expense forthcoming, please inform us). If your spouse is also an employee of your company, they would be entitled to a further S 15,000. Other employee classes are decided by you, providing you with the flexibility to allocate maximums best suited to your employees.

HSA Sign In

Get a customizable health insurance plan that helps replace or fill the gaps in your provincial or workplace benefits, whether you’re looking for individual or family health insurance that best meets your needs. A Basic Plan Includes:

• Accidental Dental
• Ambulance
• Diabetic Supplies
• Health Practitioners
• Hearing Aids

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