Health Spending Account

Health Spending Account (HSA) is also known as Private Health Services Plan (PHSP). A Health Spending Account is recognized by the Canada Revenue Agency (CRA) as a vehicle which allows businesses to deduct health-related expenses eligible under the Income Tax Act.  The premiums can be a deductible business expense.

The HSA or PHSP is designed to self-fund employer & employee healthcare expenses. This is a ‘pay-as-you-claim’ plan which is an employer-funded flexible benefit plan.

How It Works 

 

Throughout the year the employer/employee use tax-free dollars to pay for medical, dental or vision care expenses that are not covered by other plans. Your company submits the original receipts with a cheque to the HSA or PHSP provider for the amount of the receipts plus a processing fee and applicable taxes. The business deducts the entire cost. The reimbursement to the employee.

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We aim to contact you within one business day of receiving your enquiry to discuss your requirements in more detail.  
Alternatively, you are welcome to contact any member of our team directly using the numbers provided on the Team or Contact Us page. 
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