Who Can Benefit from an HSA?
When it comes to supporting the health needs of your employees – and your own family – a health spending account (HSA) offers more flexibility and financial power compared to group benefits. The HSA meets today’s consumer demand for custom tailored services while providing impressive tax efficiencies and advantages.
Any incorporated company can set up an HSA. You don’t need a minimum number of staff. This approach is flexible and easy to administer. It accommodates any size of company. If you’re self employed, you can create an HSA just for yourself and your family.
It becomes a business expense, offering tax advantages both for your corporation and yourself. Ask your Carte Financial Advisor about the advantages of setting up an HSA. This type of plan provides both owners and employees with health and dental benefits, and what’s covered is much more extensive than a traditional group benefits plan. Your coverage is aligned with the expenses allowed by the Canada Revenue Agency as an income tax deduction.
An HSA covers standard items such as dental examinations, medicine, chiropractic care and massages. But it includes many other expenses; for example, dentures and counseling; and health-related costs for extended family, such as a parent’s long-term care facility.