HEALTH SPENDING ACCOUNT
HEALTHCARE SPENDING ACCOUNT
Peak Benefit Solutions is proudly partnered with HealthPlus, a private Health Services Plan (PSHP) that offers affordable and customized tax-efficient health care benefits for business owners, self-employed individuals and professionals.
A Health Care Spending Account is a flexible individual employee account that provides reimbursement for eligible health care expenses or other benefits that are not covered under provincial health insurance plans or other benefit plans sponsored by the employer. A Health Spending Account can be implemented on a stand-alone basis within a traditional benefit plan or part of a flexible benefits plan.
A HCSA can be used to pay deductibles, out of pocket costs for services, amounts in excess of benefit maximums and to broaden the scope of coverage of an existing plan. For example, a HCSA could cover:
• Professional services (e.g. chiropractor, physiotherapy) above the annual maximum
• Medications not included in a plans drug formulary
• Eyewear and contact lenses if not covered by the existing plan or amounts in excess of the maximum if covered
• Dental services that may not be part of the existing dental plan (e.g. caps, crowns, bridges, orthodontics)
• Dental expenses above the plan’s annual maximum