Health Spending Account (HSA)

Why let someone else determine

how to spend your health care dollars.

Benecaid’s Health Spending Account (HSA) is a great alternative (or supplement) to a traditional employee health benefits plan. It’s an account that is established to exclusively pay for health care services for you and your family members. It doesn’t include any mandatory insurance coverage and can be used to pay for expenses that aren’t covered under traditional plans such as laser eye surgery or fertility treatments. Optional insurance protection is available.

Key benefits

Members can choose from a wide range of eligible expenses without plan limitations

Optional insurance coverage to protect against unforeseen expenses

Contributions are a tax deduction for your company and a non-taxable benefit for employees

Eligible dependents can include additional family members outside of your spouse and children

How does it work?

Decide how much to deposit

You can use our online HSA Calculator to help you decide how much to deposit.
Deposits into your Health Spending Account (HSA) can be used as
a corporate tax deduction and can reduce the taxes you pay.

Add additional insurance protection

Add hsaComplete and Travel coverage to protect you and your family from unexpected costs.
These optional products provide annual protection for
a low monthly premium, which can be paid using your HSA dollars.

Choose from a wide range of eligible expenses

Claims can be easily submitted online through your smartphone or tablet.
There is a large list of eligible expenses that can be covered through a Health Spending Accounts (HSA).
Please visit the CRA website for more information: www.cra-arc.gc.ca/medical.

HSA CALCULATOR

Is an HSA right for you?

Enter your information below and find out
how much you could save by opening an HSA!

Enter your personal income

Enter the annual amount of money you currently spend on out-of-pocket medical expenses

UNSURE OF YOUR EXPENSES?
We can help!

What province do you live in?

TOTAL SAVINGS WITH AN HSA

$0
CLICK HERE TO SEE HOW WE CALCULATED YOUR SAVINGS

MEDICAL TAX CREDIT

(A) Medical Tax Credit Threshold
(B) Amount Eligible for the MTC
(C) Medical Tax Credit @
(D) Health Care Costs less MTC
(E) Amount Extra Need to Earn

HEALTH SPENDING ACCOUNT

Gross Income Needed
Annual Account Fee**
Administration Fee @
Applicable Taxes*
Amount Needed to Earn for Health Care (D + E)
Total Cost of Health Care

NOTES:

(A) The Medical Tax Credit Threshold is the lessor of 3% of your taxable income or $2,268 for 2017.
(B) The amount eligible to go towards the MTC is the $ amount over and above the threshold. (Health Care Costs less the MTC Threshold).
(C) The eligible amount multiplied by the lowest tax bracket in the province that you reside.
(D) This amount is the Health Care costs less the MTC figured out in Step C.
(E) This amount is the additional money that you would have to earn to be able to pay for the final health care costs figured out in Step D.
*Applicable taxes are calculated based on your province and may include GST/HST, Premium Tax and or PST. Premium tax and PST are charged on the gross income and the administration fee. GST/HST is charged only on the administration fee.
**The Annual Account Fee is $95 per employee’s Health Spending Account.

Call us or your advisor to open an HSA today!
1-866-361-2998

“I used my Benecaid HSA to cover the extra cost of my prescription glasses.
I was really glad I had added that extra coverage.”

 

Dave H.

Coverage details

Eligible Expenses

HSA* TRADITIONAL
Acupuncture
Assistive Mobility Device
Audiologist Services & Hearing Aids
Autism Treatments
Cataract Surgery
Chiropodist Services
Chiropractic Services
Contact Lenses
Dental Hygienist Services
Dental Surgeons Services
Dental Technologist Services
Denturist Services
Dermatology Services
Drugs
Elderly Parent & Dependent Care
Fertility Drugs & Treatment Services
HSA* TRADITIONAL
Laser Eye Surgery
Massage Therapists (RMT)
Medical Laboratory Services
Medical Radiation Treatments
Midwife Services
Naturopath Services
Occupational Therapist Services
Optician Services
Optometrist Services
Orthodontic Services
Physiotherapist Services
Prescription Glasses
Prescription Sunglasses
Private Nursing Services
Psychologist Services
Respiratory Therapists

*The list above is an example of some of the expenses that can be reimbursed through a Benecaid HSA. This list is in accordance with the rules governing the Medical Tax Credit and is subject to change. Please note that this list differs based on province or territory. Please visit the CRA website for more information: www.cra-arc.gc.ca/medical/

Insist on insurance industry standards

for your Health Spending Account provider.

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*member of the Third Party Administrators Association of Canada (TPAAC)
and the International Foundation of Employee Benefit Plans (IFEBP)

OPTIONAL

Additional Insurance Coverage

Out of Country Travel Insurance

TravelAssist

Benecaid’s TravelAssist™ product will provide you with convenient access to a travel insurance solution for you and your family when travelling out of province or the country.

Coverage is provided through RSA Travel Insurance Inc. RSA Travel Insurance are one of Canada’s leading providers of specialized travel insurance products and services.

  • $5 million coverage
  • Multi-trip annual coverage, 30 days per trip
  • Individual top-up insurance can be purchased at an additional cost.
  • You can use your HSA to pay your monthly premium.
Individual Emergency Insurance

hsaComplete

Provides insurance coverage for unexpected and catastrophic medical expenses for individuals with an HSA.

Coverage Includes:

  • $25,000 pp in drug coverage ($100,000/family)
  • $5,000 pp in semi-private hospital coverage
  • $10,000 pp in private duty nursing
  • $5,000 pp in accidental dental coverage
  • $5,000/person in ambulance coverage ($20,000/family)
  • You can use your HSA to pay for the premiums
Second Opinion Medical Advice

Best Doctors 360°

Best Doctors provides access to expert medical specialists who help you understand your medical condition and treatment options, so you make the right decisions about your care.

One call to Best Doctors provides access to some of the world’s best medical minds, helping you understand your medical condition, navigate the healthcare system or obtain a second opinion.

Their worldwide network of over 53,000 leading medical specialists has been helping members ensure they have the right diagnosis and the best treatment for over 20 years.

Connect with us

Call 1-866-361-2998

To learn more, or leave your information
and someone will reach out to you