A Health Spending Account (HSA) is an amazing alternative to the boring old traditional insurance way of setting up group benefits. It gives you freedom and flexibility to pay for the healthcare costs that are important to you.
Ready to see why an HSA is your perfect group benefits plan? Read on!
A Health Spending Account (HSA) is a simple, flexible way to pay for healthcare costs. It’s like a bank account where the funds can be used to reimburse your eligible medical expenses.
The Plan Sponsor (often your employer) contributes funds to the account.
The Plan Member (that’s you!) submits claims for medical expenses.
The Benefits Provider (that’s us) holds on to the funds until you make a claim. We review your claims to make sure:
If all looks good, we send you the money via direct deposit. You get it tax-free!
Anything that’s a CRA eligible medical expense can be reimbursed using an HSA. You can find and search the full list on the CRA website.
An HSA gives you a ton of flexibility. Want to spend it on monthly massages? Go ahead! Need to use it all for some major dental work? Absolutely! There are no limits other than the funds available in your account.
You submit claims through a handy-dandy online Member Centre. Just enter a few details about the expenses you’re claiming, add a picture of the receipt, and you’re done!
Our team reviews the claim and reimburses you by Direct Deposit for eligible expenses.
Simple, HSA funds are tax-free! Because they can only be used for eligible medical expenses, you receive HSA funds tax free. That means every dollar in an HSA goes further than a dollar on your paycheque.
When it comes to group benefits, HSAs beat insured health and dental by a landslide! HSAs win because of:
The awesomeness of an HSA is simply unbeaten!
Our Help Centre has answers to just about every question you can think of. Maybe you want some guidance on how claims will be reimbursed? Perhaps you'd like to know if your provider is eligible? All of these can be found within the Member Experience section of our help center (we even have an explanation of what exactly our Member's Center is!). Check it out and if you’re still stumped just say hello@blendable.ca. We’re always happy to chat!
