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.
Health Spending Account (HSA)
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
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: www.cra-arc.gc.ca/medical.
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
UNSURE OF YOUR EXPENSES?We can help!
What province do you live in?
TOTAL SAVINGS WITH AN HSA*
CLICK HERE TO SEE HOW WE CALCULATED YOUR SAVINGS
MEDICAL TAX CREDIT
HEALTH SPENDING ACCOUNT
(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.
WHAT ARE THE ROUTINE MEDICAL EXPENSES FOR YOU AND/OR YOUR FAMILY?
DO YOU HAVE ANY FUTURE MEDICAL PROCEDURES PLANNED?
DO YOU HAVE ANY SPECIALTY EXPENSES?
“I used my Benecaid HSA to cover the extra cost of my prescription glasses.
I was really glad I had added that extra coverage.”
|Assistive Mobility Device|
|Audiologist Services & Hearing Aids|
|Dental Hygienist Services|
|Dental Surgeons Services|
|Dental Technologist Services|
|Elderly Parent & Dependent Care|
|Fertility Drugs & Treatment Services|
|Laser Eye Surgery|
|Massage Therapists (RMT)|
|Medical Laboratory Services|
|Medical Radiation Treatments|
|Occupational Therapist Services|
|Private Nursing Services|
*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.
for your Health Spending Account provider.
*member of the Third Party Administrators Association of Canada (TPAAC)
and the International Foundation of Employee Benefit Plans (IFEBP)
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.
Provides insurance coverage for unexpected and catastrophic medical expenses for individuals with an HSA.
- $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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