Health Spending Account
Save money by paying less tax.
Paying for medical expenses out of pocket?
If you have a corporation, there’s a better way.
Health Spending Account
Health spending account contributions are 100% tax-deductible for your business and 100% tax-free for you to use on any CRA-eligible medical expenses. It's a win-win.
You don't pay for benefits that don't get used. Every dollar not used for medical expenses is returned to your corporation.
You can claim expenses for yourself and any eligible dependants (including your spouse, children, and parents).
HSAs don't have coverage limits, deductibles, or service maximums.
We all know health and dental costs are going to happen, but premium-based health insurance isn’t the answer.
When you buy personal insurance the insurance company sets the cost and often increases premiums each year, whether you use the coverage or not. How are you supposed to budget for that?
An HSA gives you total control over how much you contribute, and how you use those funds. The power is back in your hands.
What’s included in your Blendable HSA Select?
Contribute either monthly or annually to match your cash flow.
You can contribute between $3,000 and $15,000 each year.
The funds in your HSA are used to reimburse medical expenses completely tax-free!
Have funds left at the end of the year? They’re returned as a credit to your corporation and applied against your next bill.
Admin Fee
10% of contributions
Excess medical coverage is designed to protect you and your family in the event of unanticipated expenses.
It’s designed to go above and beyond the coverage your HSA provides:
Premiums
$20 / month
In expenses paid
Members
Clients
Submit claims anytime, anywhere, and get reimbursed directly to your personal bank account.
Everyone says it, but we deliver. Our customer experience team is out of this world! We go above and beyond to keep our members happy.
All our resources are available digitally and written in terms anyone can understand. No more digging through jargon-filled booklets to find answers.
To qualify for an HSA Select you must:
If you have employees, check out our group HSA features.
HSAs give you control over your costs and the freedom to reimburse the expenses important to you. Premium-based health plans pigeonhole you into limited coverage where more often than not the cost of the plan greatly exceeds the value you receive.
Compared to insurance, an HSA has no premiums, no reimburses the full amount of each claim (no deductible or copayment), and has a wider range of eligible expenses.
We have solutions for that too! Check out our Blended Solutions for both health and dental coverage as well as fully insured benefits.
There is no age restriction to set up an HSA.
Excess Medical coverage is only available for individuals under 70. If you are over the age of 70 we can waive the Excess Medical premium and coverage.
Anything that is eligible for the Canada Revenue Agency (CRA) Medical Expense Tax Credit (METC) is eligible to be reimbursed using an HSA. You can find a full searchable list on the CRA website.
Fill out this form and a member of our Growth Team will contact you to make sure an HSA Select fits your business and get you started.
Once your HSA Select is set up you will receive a link to an online Member Centre where you view your benefits and submit claims. In just 3 simple steps you can submit claims from your computer or mobile device, then receive reimbursement to your personal bank account.
Absolutely! The definition of “dependant” is broader for an HSA than it is for insurance. Your dependant can be anyone related to you by blood or marriage who is financially dependant on you.
Unlike most health insurance plans, pre-existing conditions are covered by an HSA. You can submit any eligible expenses for reimbursement.
The Excess Medical coverage has an exclusion for pre-existing conditions. Contact our Growth Team to learn more and discuss your unique situation.
To qualify as a Private Health Services Plan and provide favourable tax treatment, the HSA Select needs to have some risk of loss. Paying for known expenses as they’re incurred removes that risk and could put you offside with the CRA.
The good news? If you don’t use all the funds you contribute they’re credited back to the corporation.