A Health Care Spending Account (HCSA) is one of the ways a business owner can give employees coverage for health and dental expenses, including those that qualify for the Medical Expense Tax Credit under the Income Tax Act, such as prescription drugs, dental services, physiotherapy, massage therapy, vision and much more.
HCSAs are a flexible solution as stand-alone coverage, in combination with a Wellness Spending Account or an added value to a traditional employee benefits plan.
Contact the Servus Wealth Strategies Employee Solutions team to see how a Health Care Spending Account can help increase the financial fitness of your business and employees.
Benefits to your employees
- Flexibility to choose the coverage that matters to them.
- Secure and paperless process from claim to reimbursement.
- Claim reimbursements that are tax-free.
Benefits to your business
- Cost certainty, with an annual allocation to each employee.
- Claims reimbursements that are a 100% deductible business expense.
- Increase total employee compensation in a tax-effective way.
- Flexibility in coverage options.
- No monthly invoice for a stand-alone HCSA, with payments only made when eligible claims are processed.
- Minimal administration fees.
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Servus Wealth Strategies Ltd. is a subsidiary of Servus Credit Union Ltd. offering financial planning, life insurance and investments.