No matter how inexpensive your insurance is with DASH, it can never hurt to find more ways to save on healthcare for you and your employees. This is why many of our clients here at DASH choose to take the option of adding a Health Spending Account (HSA) into their coverage plan. Before you make the choice to go with an HSA, it is important to understand how Health Spending Accounts work and what they can help cover in terms of your medical needs.
What is a Health Spending Account?
We get it, these types of accounts can be confusing. A Health Spending Account is an account that is specifically designed for health related expenses. What makes an HSA stand out? It is an account that reserves your funds without paying interests or taxes on those dollars. Talk about an easy way to help make your money stretch further without being taxed.
How do Health Spending Accounts work?
Adding money to your HSA is not a complicated task. From direct deposits from a bank account, to straight from your paycheck, having a rainy day fund that can be used at any time is a great asset, especially in 2021. As we mentioned before, the money that goes into your HSA will not be touched until you physically pull from it.
What can I use my Health Spending Account Funds For?
Health Spending Accounts are meant to be used for qualified medical expenses. At DASH, we offer two types of HSA’s that can be used for different needs and types of businesses.
HSA Basic Plan
For corporations, medical corporations, family businesses
100% Coverage
Instant online claims
Write off your medical expenses
Take advantage of CRA-approved tax benefits
To qualify, your incorporated business must operate as a corporation with a maximum of two employees, none as arm’s length; you must have medical expenses and you must receive a T4 income statement.
HSA Plus
For professionals, medical corporations, family businesses
100% Coverage
Instant online claims
Write off your medical expenses
Also included:
Travel insurance (Parents: this is a great option if your children attend school in the United States)
Emergency insurance
Catastrophic Drug Insurance
To qualify, your incorporated business must operate as a corporation with a maximum of two employees, none as arm’s length; you must have medical expenses and you must receive a T4 income statement.
Have more questions about Health Spending Accounts?
The DASH team is here to help you get the best deals possible. Contact us today to find a plan for you. info@dashsupplemental.com
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