Health Spending Accounts
Group Benefits & Health Spending Accounts
Health Spending Accounts
Health Spending Accounts are a popular option for small to medium-sized Alberta businesses who want to offer employees robust and flexible benefits coverage. They can be used on their own or in combination with a traditional benefits plan for even more coverage.
Employers allocate a set amount at the beginning of each year and have the flexibility to choose what happens to unused funds. Employers can opt to have leftover funds forfeited or carried over to the next calendar year.
Health Spending Accounts (HSA)
An affordable choice for businesses just like yours!
Health Spending Accounts are a benefit to businesses and employees. For businesses, this type of coverage can be claimed as a before-tax business expense. For employees, Health Spending Accounts are tax-free and can be customized to meet individual needs.
Coverage details
Health Spending Accounts provide up to 100% coverage on a variety of medical expenses including
Health Spending Accounts provide up to 100% coverage on a variety of medical expenses including
• Medication,
• Dental services,
• Vision services,
• Paramedical treatments, and
• Health insurance premiums.
Customizable benefits
These are just the basics; many different types of expenses are eligible under a Health Spending Account including any health expense considered eligible by the Canada Revenue Agency.
These are just the basics; many different types of expenses are eligible under a Health Spending Account including any health expense considered eligible by the Canada Revenue Agency.
Additional account options
A Health Spending Account isn’t your only choice for providing employees with flexible benefit selections. Small businesses in Alberta and across Canada can choose from several account options, each with its own advantages and tax implications.
A Health Spending Account isn’t your only choice for providing employees with flexible benefit selections. Small businesses in Alberta and across Canada can choose from several account options, each with its own advantages and tax implications.
Everyone benefits when a spending account is available to employees!
Contact us
to learn more about the different account options, how it works, if your business is eligible, and estimated annual costs.
Wellness and Flexible Spending Accounts
• A Wellness Spending Account (also known as a Lifestyle Spending Account) is a taxable option designed to be used for expenses that promote a healthy lifestyle. This can be things like a gym membership, cosmetic procedures, or supplements. Plans can even cover items like office equipment, mobility devices, or air purifiers. The employer decides what can be claimed. This is a great option to supplement an existing basic health plan.
• A Wellness Spending Account (also known as a Lifestyle Spending Account) is a taxable option designed to be used for expenses that promote a healthy lifestyle. This can be things like a gym membership, cosmetic procedures, or supplements. Plans can even cover items like office equipment, mobility devices, or air purifiers. The employer decides what can be claimed. This is a great option to supplement an existing basic health plan.
• A Flexible Spending Account (also referred to as a Hybrid Employee Spending Account) is a highly customizable option that offers a mix of taxable and tax-free benefits. These accounts cover the same expenses as a traditional Health Spending Account and the employer can include additional eligible expenses, similar to those covered in a Wellness Spending Account. This type of account is a terrific choice for employers looking for flexibility and customization.