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John Atkinson

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A health spending account, or HSA for short, is a benefits offering that can be used as standalone coverage or alongside your more traditional group benefits plan.

What Is An HSA?

A health spending account, or HSA for short, is a non-taxable spending account used to reimburse plan members for eligible expenses. These expenses are defined by the Canada Revenue Agency (CRA) and include most health and dental related purchases.

Using A Health Spending Account Alongside An Employee Benefits Plan

An HSA can be a great product offering to use in tandem with your group insurance plan. This model would allow for maximum coverage and flexibility as employees can use it for CRA eligible expenses that aren’t covered through their plan. Your employees also have the option to use it for claims that exceed the plan maximum or to cover off their portion of the co-insurance on an expense.

Offering A Health Spending Account As A Standalone Product

If you feel that your employees would benefit from a flexible benefits option that they can tailor to their specific needs that this product could be exactly the right fit and will cater to each employee in a way that is meaningful to them.


Funding An HSA
Within the HSA model, each employee is offered a pre-determined amount of dollars annually. This amount is determined and funded by the employer. What’s more important is an HSA offers stability with no surprises as there is no annual increase with usage unless the employer wishes to up the amount being offered to their staff.

Which Option Is Best For Me?

Determining what type of plan offering works best for you ultimately comes down to your objectives. We highly recommend getting together with an advisor to discuss your organizational goals (both long and short term). Coupled with your goals, they will also take into account your organizational structure, budget and more to make recommendations on which type of plan design would be most advantageous for you.

John Atkinson

John has over 17 years of experience in the insurance industry and earned his GBA designation in 2018. He is responsible for generating new business and values serving HMA's existing client base to ensure that they are well taken care of. JJ also enjoys surfing when possible, and serving at his local church.
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