Your employees are unique: they may be different ages and at different stages of life, and their needs and expectations of what a benefit plan should cover may vary. Most plans can be tailored to meet a lot of these expectations, but there will always be some needs that don’t fit neatly into a group benefits package and that’s where a Health Spending Account (HSA) can help.

Health Spending Accounts – A Cost Effective Option

In a group plan, deductibles can add up and coverage maximums for some services can be reached quickly. Some things are not covered and can result in out-of-pocket costs for your employees. HSAs are a cost-effective way to provide employees with additional, flexible financial support.

For employees, these funds can be used to cover any expense that qualifies for the Medical Expense Tax Credit under the Income Tax Act. It can be applied to unpaid balances on Health and Dental claims, or to pay deductibles for covered services. If selected by the employer, a ‘funds carry over’ option allows employees to plan and budget for large expenditures, such as orthodontic expenses, by saving their funds over a two-year period.

For the employer, it’s another way to support the well-being of your employees. Claims paid under an HSA arrangement are tax deductible, just like traditional group benefit premiums. With a Chambers Plan HSA there are no set-up fees, no annual fees, and no advanced deposit. You set the annual benefit levels, which means you are in complete control of the maximum cost.

Find Out More

An HSA is a great way to add value to your plan: it can provide the choice and flexibility that will attract and retain great employees by showing them that their individual well-being is your priority. For more information, go to www.chamberplan.ca and speak with a local advisor.