myHSA Health Spending Account
What is a Health Spending Account (HSA)?
Sometimes referred to as a flexible benefit account or a Private Health Services Plan (PHSP), a Health Spending Account (HSA) allows an employer to allocate a pre-set amount of money for each employee to be used for medical reimbursement. An HSA can be used as a standalone plan or in conjunction with a traditional health and dental benefit program.
During the year, employees and their qualified dependents have access to this account for reimbursement of any medical or dental expenses that qualify under the Canadian Income Tax Act, such as:
- deductibles
- co-pays
- prescription drugs
- paramedical services
- eyeglasses
- laser surgery
- orthodontics
- smoking cessation programs
Why utilize an HSA?
The HSA expenses – including fees – are a fully tax-deductible expense for the company, and the expense reimbursement is not taxable to the employee. Thus, it is a much more tax-efficient method of paying for medical and dental expenses.
The myHSA Advantage
myHSA simplifies the claims process with a seamless online system. The Plan Administrator can manage enrollments and terminations online, and view the dollar amounts that have been claimed and the remaining balances for each plan member. All of this data is real-time! Meanwhile employees are each provided with a secure online account to submit and track their claims electronically. These claims are processed in 1-3 business days and the funds are automatically drawn from the corporate bank account and deposited into the employee’s account.
Our system takes away the paper! A 24/7 online chat is also available to answer all your questions.
