Health Spending Accounts
(Private Health Services Plan)
An HSA is a Canada Revenue Agency approved method to provide medical, dental and vision benefits in a tax-efficient manner. Your corporation can write off 100% of the costs related to your HSA. All expenses reimbursed are tax-free to the employees.
Types of expenses that are covered:
- The employee may claim for any medical expenses that are allowable under the Income Tax Act
- Many health care expenses that are not typically allowed under a normal group benefits plan
Is a Health Spending Account (Private Health Services Plan) right for me?
- Every business owner who has an incorporated company should have one
- It is the most tax-effective way to run health, dental, and vision expenses through the corporation
- If an employer wishes to offer benefits to other employee classes, they can create a custom plan for each class
Who can qualify under a Health Spending Account
- You as the employer have complete control over which employees are covered under the plan and what amount you give them to spend
- The employees are "classed" at the start of the benefit term and the limits of coverage are set based on certain criteria designed by you and your broker
- You have complete control over which employees receive the benefit of the HSA and can add or delete them at any time
Who can qualify under the myHSA plan?
You have complete control over which employees are covered under the plan. (Subject to CRA guidelines). They can be added or deleted from the plan at any time.
How often do I have to contribute to the plan?
PAY AS YOU GO! Gold Key's work benefits system is designed to only withdraw from the employer's bank account when claims are made.
Do I have to prefund?
No, we only withdraw money from the company when employees make claims.
How much does it cost?
- There are NO set-up fees
- There are NO monthly Fees
- There are NO fees for adding or deleting employees
- The only fee applied is the Administration Fee set by the Company’s broker.