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Healthcare
spending account

An HSA (Private Health Services Plan) is a Canada Revenue Agency approved method to provide medical, drug, dental and vision benefits in a tax efficient manner. A corporation can write off 100% of the costs related to its HSA. All expenses reimbursed are tax-free to the employees.
HSA's  provides a broader range of items that a typical insurance plan won't cover. This includes items such as medicinal marijuana, braces, and laser eye surgery.

How does and HSA work

A plan sponsor decides how much to deposit in an employee’s HSA for the year

  • The employee (i.e., plan member) submits claims for medical expenses to be reimbursed from their HSA

  • The plan member continues to submit health and dental claims until the HSA balance is zero or is no longer available for use

Top up to existing plan

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Many plan members use this benefit to top up what their standard benefits cover to pay for outstanding amounts, e the maximum provided by their standard benefit plan (e.g., if you have a $500 massage therapy maximum for the year but continue to receive massage treatments after the $500 is spent, the costs that go over the maximum may qualify for coverage using HSA funds 

The HSA may also cover medical expenses that aren’t covered under a provincial plan or your standard insurance plan (e.g., sight and hearing guide dog expenses, special equipment for persons with disabilities, some cosmetic surgeries).

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