What is a HSA?

What is a Health Spending Account (HSA)?

An HSA provides a non-taxable alternative or supplementation to a traditional benefits plan. HSA eligible expenses are vast, ranging from dental, vision, professional services, & hospital bills. HSA’s are a Canada Revenue Agency (CRA) approved method to provide medical, dental, and vision benefits in a tax efficient manner.

Is a HSA a Taxable Benefit?

No. An HSA is an approved business expense for the employer and is non-taxable for the employee. A corporation can write off 100% of the costs related to its HSA and all expenses are non-taxable for the employees. Use HSA’s to carve out coverage for your employees such as orthodontics, physiotherapy or vision care!

Click here for a full list of CRA-approved HSA expenses.

Should I get an HSA for my employees?

We are biased but we believe 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 their employees, they can create a custom plan for their employees arranged by class.

Who can qualify under an HSA?

The employer has complete control over which employees are covered under the plan and what amount they are given to spend. The employees are categorized at the start of the benefit term and the limits of coverage are set based on the criteria designed by you and your broker. The employer has complete control and may terminate anyone at any time.

Is this a fit for my company?

If any of these questions or comments have crossed your mind when buying an employee benefits plan, then an HSA may be for you:

We only have a handful of employees. The cost of having an insured plan does not make sense due to the number of employees our company has to provide it for.
Our costs of insurance premiums are increasing every year as we are pooled in a plan that does not take our claims into consideration.
With the demographics of our employees being older or younger, the plan seems to be designed for one or the other, not both. Employees in both demographics desire flexibility.
We want to provide flexibility in our benefits plan, we do not want to govern what employees spend their coverage on. We want to provide flexibility for them to decide.
We are tired of having to pay for our benefits whether our employees use them or not.
We want to budget for and control the cost of our employee benefits plan.

How does HSA Easy Pay’s HSA solution work?

HSA Easy Pay Ltd.’s Prepaid Mastercard® Card solution is our innovative approach to HSAs for purchases, claims and documentation. HSA Easy Pay Ltd. has partnered With Aya Care ensuring all plan members can make all of their approved health care product and service purchases using their own health and wellness ayaHSA Prepaid Mastercard® Card. No more paying out of pocket and waiting for reimbursement.
(Post-pay HSA solutions through HSA Easy Pay Ltd. are also available.)

Members also can say goodbye to clumsy paper-based claims processes as all receipts are simply sent via the easy-to-use app.

Highlights of the HSA Easy Pay prepaid health and wellness card:

No out of pocket expenses
Submit out of pocket claims directly through app
EFTs are sent swiftly when out-of-pocket claims are submitted. No more waiting for cheques in the mail! All claims can be submitted by taking a picture of the receipt through your phone camera
No paperwork or large forms to fill out
No having to save all your receipts in a shoebox
Apps available for iOS and Android devices

Healthcare is stressful enough. Paying for it shouldn’t be.