Make Your Money Go Farther
When it comes to supporting the health needs of your employees – and your own family – a health spending account (HSA) offers more flexibility and financial power compared to group benefits. The HSA meets today’s consumer demand for custom tailored services while providing impressive tax efficiencies and advantages.
An HSA is a cost-effective alternative for small business owners. It’s created as an expense on your corporate books and provided to you, and to your employees, tax- free. Without any premiums or deductions.
By paying them through your business, you remove the income tax from your medical expenses. It complies with the Canada Revenue Agency’s guidelines. Ask your Carte Financial Advisor to show you how an HSA adds value to your benefits plan.
As an employer, you can set a yearly budget for your employees and choose the amount of your own HSA. This single pool of money offers tremendous flexibility in allowable expenses. It lets an employee actually spend every dollar of their health plan.
The HSA also permits employees to request higher deductions from their paycheque in advance of medical expenses which will be more than their plan can accommodate. Such as the high cost of a child’s braces.