How Health Care Spending Accounts Work

Examples of eligible expenses include:

  • Prescription Drugs
  • Coordination of claims with spousal plans
  • Insulin and diabetic supplies
  • Dental and Orthodontic Expenses
  • Dental Implants
  • Registered massage therapist, Physiotherapist, Osteopath, Dietician, Acupuncturist, Chiropractor, Podiatrist, Naturopath, Speech therapist, Psychologist, Social worker
  • Hospitals, Nursing Homes and Private Duty Nursing Care
  • Assistance Devices such as Hearing aids, Orthotics, Braces, Crutches, Oxygen
  • Eye glasses, Contact Lenses and Laser Eye Surgery
  • Eye Examinations
  • Weight Loss Treatments
  • Other expenses that qualify as a Medical/Dental Income Tax deduction

An HCSA is a pre-determined amount of money provided each benefit year for medical and dental expenses.

Members and their families are reimbursed from their accounts to address Health and Dental expenses during the benefit year. This allows flexibility for employees to claim expenses that are unique to their own families, rather than restricting them to the dollar limits and specific expenses in a traditional benefits plan.

Eligible Expenses

Under the Income Tax Act, ANY item that qualifies for the Medical Tax Credit is eligible for coverage through an HCSA. The definition of eligible expenses is broader than a traditional employee benefits plan, allowing for greater flexibility for employees, and owners in particular.

Tax Advantages

The Association Plan provides a way for you to deliver benefits to yourself and your employees, using pre-tax dollars. Premiums are a tax-deductible business expense and the benefits received are tax-free. This provides a significant advantage for you and your employees, to address medical and dental expenses with corporate dollars in the most tax-effective way possible.

Additional Insurance

What about unforeseen claims? A catastrophic illness can be a costly burden for you and your employees.

Our Association Plan addresses these concerns... through the availability of insurance solutions covering Prescription Drug and Healthcare expenses, which can be purchased as a component of the HCSA.

For further protection, you may also consider adding additional available benefits, such as Life Insurance, Dependent Life, AD&D, Critical Illness and Emergency Travel Insurance.

A Creative Solution

If you are looking for creative ways to control health and dental expenditures, while providing comprehensive insurance protection, our Association Plan is an ideal solution.

Please click on your Association logo for additional information, or to start today.