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Health Spending Account

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Health Spending Account

What is a Health Spending Account program?

An HSA (Private Health Services Plan)

A Canada Revenue Agency approved method to provide medical, dental and vision benefits in a tax efficient manner. A corporation can write off 100% of the costs related to its HSA. All expenses reimbursed are tax-free to the employees. MyHSA provides a broader range of items that a typical insurance plan won't cover. This includes items such as medicinal marijuana, braces, and laser eye surgery.

A WSA (Work Spending Account) 

A taxable spending account provided by employers to promote healthier lifestyles and employee satisfaction. Wellness Accounts are taxable so they are extremely flexible. The only governing body over eligible items in the program is the employer. A Wellness Spending Account will typically encompass what the company believes are items that reward and incentivize their staff. 

Flex Plans

Allowing an employee to select from the list of available options (provided by the employer) the benefits that best suit that employee’s needs based on their stage of life. The employee allocates their funds as best suits their needs. Flex Plans can include any or all of the following: HSA, Wellness, RRSP, TFSA. The Employee can choose how to allocate their yearly amount between the accounts. Once the amount is allocated, the credits are locked in for the plan year and the allocation cannot be changed.

MyDefined

 A customizable plan that allows the employer the greatest degree of flexibility and control over spending. Similar to an HSA the employer is responsible for funding claim costs, and like all of our products the plan is not prefunded. Inside the myDefined plan, the employer can drill down to the subitem level and completely customize the myHSA and myWSA lists with category limits and yearly caps. myDefined also allows the option to allow funds pooled or per individual family member. This plan allows employers the ability to contain costs without compromising the flexibility of the benefit offering to their employees. 

System Highlights

Company Administrators and Employees have real time access to track activity

 No cheques! myHSA works on EFTs 

 All claims can be submitted online by employees through their own personalized dashboard 

Apps available for iOS (iPhone/iPad) and Android devices 

 2 day turn-around time for claim reimbursement

 Live Chat technical support for employees, run in-house by our experienced team.

Follow the link below to find out more about signing up your business or visit our contact page to get in touch with us.

https://client.myhsaaccess.com/Home/FoundationPrivateWealthManagement

 

 

 

 

FPWM Securities is a trade name of Aligned Capital Partners Inc. (ACPI). FPWM Inc. is not the parent company of FPWM Securities or ACPI. 
Mark Sherboneau is an investment advisor and is also licensed for the sale of life insurance products. M.S. is registered through separate organizations for each purpose and as such, you may be dealing with more than one entity depending on the products purchased. M.S. will provide the name of the entity being represented when insurance business is conducted. The sale of insurance products is not the business of or under the supervision of ACPI, and ACPI will not be liable or responsible for such activities.
All non-securities related business conducted by M.S. is not in the capacity of an agent of ACPI and is not covered by the Canadian Investor Protection Fund (CIPF). Non-securities related business includes, without limitation, advising in or selling any type of insurance product, advising in or selling any type of mortgage service, estate and tax planning or tax return preparation. Accordingly, ACPI is not liable and/or responsible for any non-securities related business conducted by M.S. Such non-securities related business is the responsibility of M.S. alone. 
References in this website to third party goods or services should not be regarded as an endorsement of these goods or services. By accessing any of the links provided you will be leaving the FPWM Securities portion of the website. ACPI is not responsible for the information contained on these external websites. 
The information contained on this website is for general information purposes only and is the opinion of the owners and writers. This information is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. However, please call M.S. to discuss your particular circumstances. 
The information contained on this website is subject to change without notice.

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