Health is Wealth, Health is Business.
Health Spending Accounts or HSAs are a unique way of making sure that a business can save money for the healthcare benefits of the employees.
There are many other provisions which any business has to make for their employees by law for medical expenses, However when you have a strong team you want to make sure you are providing them with the best possible care.
HSAs are where a group of people from the business, mostly employees, come together to form an account. In this account, each member of the group deposits a certain amount of money. This money can later be used to cover for a medical emergency of anyone in the same group.
The concept is simple enough.
The benefits to the employees and employer are great.
DASH helps you determine how much coverage is needed to keep both parties happy.
It all depends on the type of HSA one is using.
DASH has 3 categories for HSA, each designed to serve a different target audience. These categories have different requirements and conditions which need to be met before an HSA can be formed. The three categories are:
This is the minimum HSA which is available at this site. The requirements to avail this HSA is that the business must contain only two employees. It also requires the incomes to be of a T4 stage.
Medical expenses must be specified in this case of HSA. It is the most basic form of the HSA. It demands almost nothing from the customer and delivers in an admirable fashion.
In return, HSA basic gives the user 100% coverage, instant online claims, write offs for medical expenses and an advantage of CRA approved Tax benefits.
This is an extra version of the HSA basic. It provides all the things mentioned in the HSA basic version, such as the 100% coverage, the instant online claims, etc. There are other benefits which this version offers. They are in the form of insurances.
Some of them are Catastrophic Drug Insurance, Emergency Insurance and Travel Insurance. Travel insurance is something which is focused on parents, as they can avail this for their kids who are studying in a different country, such as the USA.
The requirements which need to be fulfilled by the business are the same as that in HSA basic version.
This is a version of HSA which involves the entire business as a whole, targeting each and every employee. This ensures that no one is left out and those who cannot afford proper medical attention also get some in due process. The company also ends up saving money, as the number of people involved increases.
HSA is a great way for small businesses to take care of their employees in a professional fashion. It also builds a certain amount of trust between the employer and the employees. It is a new method which is extremely beneficial to the employees and the company.
If the HSA is becoming increasingly important to you and your staff contact Paige 780-951-0701 or firstname.lastname@example.org to discuss all the options you have available.