A health spending account is a personal health services plan established to pay health care expenses for you and your dependent family members. HSA’s are tax-free accounts and you decide how much you want or need to contribute. If you don’t have a traditional group insurance plan or have expenses not covered by your group insurance, consider setting up a HSA for your corporation.
What do you need to setup a HSA?
You need to be incorporated and earning T4 income.
How can you fund an HSA?
You can choose a pay as you go plan or to fund the account with a base amount contributed either monthly, quarterly or annually. Most clients choose a base amount to meet their expenses and roll any extra funds over to the next year.
Is there a fee?
Most companies charge an admin fee of 10% per claim plus a claim fee of $3.75/claim.
Want to setup a health spending account?