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 traditional 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

Optional insurance coverage to protect against unforeseen expenses

Eligible 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.

Contributions to an HSA are subject to CRA reasonability tests. Benecaid recommends

consulting with a professional tax advisor. Deposits into your HSA may 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:


Is an HSA right for you and your employee?
Enter employee information below and find out
how much you could save them by opening an HSA!

Enter your employee income

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

We can help!

What province do you live in?




(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


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


(A) The Medical Tax Credit Threshold is the lessor of 3% of your taxable income or $2,302 for 2018.
(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!
*For terms and conditions please click here

“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

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
Elderly Parent & Dependent Care
Fertility Drugs & Treatment Services
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.

Insist on insurance industry standards
for your Health Spending Account provider.
Health Spending Account Diagram
Additional Insurance Coverage
Out of Country Travel Insurance

Benecaid offers a comprehensive travel plan through Green Shield Canada’s (GSC) travel provider, Global Excel Management (GEM).

Prescription Drug and Catastrophic Health Insurance


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
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