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
EVERY STEP OF THE WAY
WE ARE WITH YOU
A health spending account (HSA) is a valuable addition to any employee benefit plan, providing a flexible and cost-effective way to cover eligible health care expenses. At Peak Benefit Solutions, we work with companies to design and implement HSAs that fit their specific needs and budget.
We understand the importance of offering affordable health care benefits to employees, and an HSA can be a great way to provide comprehensive coverage while keeping costs down. By allowing employees to use pre-tax dollars to pay for eligible expenses, an HSA can help reduce their out-of-pocket expenses while also lowering payroll taxes for employers.
As a trusted health care expenses reimbursement provider, we ensure that our clients are up-to-date with the latest compliance regulations and are able to navigate the often complex landscape of health care benefits. Contact us to learn more about how an HSA can benefit your company and employees.