![]() At the end of the plan year, all premiums are lost. Traditional insurance plans typically charge a 25% fee to process the same claims. No funds are spent unless claims are made. At the end of the plan year, unused balances may be carried forward for only 1 calendar year. Our fees are only 8% (plus taxes) of the approved claim amount. Submitting claims and managing your account is simple and straight forward with our online platform and mobile apps. Any unused balance can be carried forward to the next plan year.Īll employees can be covered without limitations due to pre-existing health conditions. With Lifeaccount, employees can allocate any portion of their balance towards the health category they truly need. Traditional insurance plans come with a plan booklet listing all category-limits, co-pays and restrictions on the type of expenses covered. What are the benefits of HSAs? Increased employee satisfaction and retention. More details on the limits and criteria can be found here. $750 for each dependent under the age of 18. $1,500 for each proprietor, spouse, and dependents over the age of 18 and Depending on the number of employees, the maximum allowable annual deduction may be limited to: Individuals must be actively engaged in the business and must meet certain income test criteria. Unincorporated businesses may also qualify for HSA but with more restrictions on the annual spending limits and the qualification criteria. Employees must be actively involved in the business and must receive the plan in their capacity as employees (not as shareholders). You have the flexibility to specify spending limits for classes of employees. Incorporated businesses may offer the plan to all or some employees. The plan covers health expenses of the employees and their families including their dependents. The health plan is available to both incorporated businesses and unincorporated (partnership and sole proprietors) businesses but with different restrictions. Who qualifies for a Health Spending Account? More information can be found in the Income Tax Folio S2-F1-C1. HSA’s are regulated under the CRA Income Tax Act. HSA’s are also referred to as Private Health Spending Plans (PHSP), Cost plus, Health Care Expense Accounts, or Health Care Spending Accounts (HCSA). If you already have a traditional health insurance plan that does not offer full coverage you are able to setup a HSA for supplement coverage. Your employees will be able to claim a variety of health and dental expenses without co-pay or category specific limits. The plan is simple to setup, has no monthly premiums and provides significant savings compared to traditional health insurance plans. A Health Spending Account (HSA), is an inexpensive way for employers and sole proprietors to offer tax-free health benefits to employees, their dependents and themselves.Ī HSA provides health benefits that are 100% deductible to employers and 100% tax-free to employees.
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