Fenrich Financial
Edmonton Employee Health and Dental Benefits
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Health Spending Accounts

Health Spending Accounts

 

A Health Spending Account is a Canada Revenue Agency approved method to provide medical, dental, and vision benefits to your employees in a tax-efficient manner. Your business can write off 100% of the costs related to your Health Spending Account and all expenses are reimbursed to the employee tax-free.

 

Types of Covered Expenses:

  • The employee may claim any medical expense allowed under the Income Tax Act

Who qualifies?

  • As an employer, you have complete control over which employees are covered and the amount they have to spend

  • The employees are sorted into class at the beginning of the benefit term, coverage limits are set on criteria designed by you and your broker

  • Employees can be added or removed from the HSA at any time

What is the cost?

  • No set up fees

  • No monthly fees

  • No fees for additions/deletions of employees

  • The only fee applied is the administration fee set by the broker

How often do I have to contribute?

  • Pay as you go

  • Withdraws are only made from the employer's bank account when a claim is made