What is a Health Spending Account?
So you want to know about Health Spending Accounts.
A Health Spending Account (HSA) is a type of a Private Health Services Plan (PHSP) for business owners. It’s the best method to convert personal health expenses into business expenses. You can use this plan for yourself, your employees and dependents. Our HSA is a pay-as-you-go plan with no monthly, annual or hidden fees.
What’s the difference between an HSA and Cost Plus?
Did you know you can use a Cost Plus Health Spending Account to write off personal health expenses? With Cost Efficient Benefit Plan there is no difference between the two types of accounts. You can read more about how our HSA and Cost Plus PHSPs work here.
What’s the Purpose of a Health Spending Account?
Most HSAs exist as additional coverage to a Group Plan. It will cover medical expenses the Group Plan does not. For example: If a Group Plan includes $150 bi-annually for prescription glasses, a Health Spending Account will cover any costs that go over that bi-annual amount.
How can an HSA enhance your Group Plan?
- Increase eligible amounts
- The HSA will pay for insurance co-payments
- It will pay deductible amounts
- Pay for Premiums
Why use our HSA?
Many other HSAs have high or complex administration fees and annual costs. Our plan is very simple. We have a 5% claim administration fee (plus tax) and a one-time enrolment cost of $100. That’s it.
What makes our HSA different?
- 5% claim administration fee
- Fast claim reimbursements
- No annual or monthly costs
- Zero costs per claim
- Zero hidden fees
Call us for more information (see below) or enrol online here.
Do you have more than 10 employees? Ask about our flexible payment options.