Understanding your
Health Spending
Account (HSA)
Health Spending Account (HSA) is a non-taxable benefit plan for health, drug, vision and dental
• HSA’s cover eligible health expenses for you and your dependents with an allowance set by your employer which pays out quarterly, monthly, semi-monthly, or annually.
• HSA’s compliment traditional group insurance, are effective for cost savings, and provide you with flexible coverage. Have we peaked your interest? Contact Us Focus
Have we peaked your interest?
Meet Your Health Spending Account
A Health Spending Account (HSA) is a non-taxable plan that helps employers turn healthcare costs into business expenses while empowering employees to individualise their benefits flexibly.
It works like this: employees (and their eligible dependents*) receive an allowance each year that is set by their employer. Using the Benepeak app, employees choose how they want to spend these funds and can tailor their benefits to their lifestyle.
• Spouse or common-law partner
• Parents, grandparents, and in-laws
• Children, grandchildren, and siblings under 18
• Relations with impaired physical or mental functions
Who Benefits?
Sole owner businesses and small businesses (with <5 or 5+ employees) can all benefit from HSA. Read on to see how HSA’s flexibility, cost-control, and ability to tailor the plan to individual needs benefits us all, regardless of the size of your company.
Sole Owner Businesses
Sole owner businesses do not qualify for traditional group insurance plans but with an HSA they can reduce their taxes by claiming personal health and dental expenses as business expenses.
Companies with >5 employees
Companies with <5 employees can’t get group insurance but with an HSA, employees can access flexible health and dental benefits while helping their employer keep business taxes and associated costs down
Companies with 5+ Employees
HSA’s compliment group insurance for multi-generational workforces. Employees of any age can cover their group insurance deductible and health expenses with a prepaid credit card linked to their HSA.
HSA's are just the beginning:
explore our site and Tax Savings Calculator to see the full extent of better benefits!
How it Works
Dylan’s employer provides them with a $3000.00 annual allowance in their Health Spending Account (HSA). Here’s how Dylan can submit their claim with the Benepeak app.
Step 1
Dylan’s employer provided $3000.00 to their HSA for eligible health and dental expenses
Step 2
After a visit to their Doctor, Dylan pays out-of-pocket for the visit and 3 B12 injections, totaling $77.99
Step 3
An adjudicator reviews Dylan’s claim eligibility and reimburses them $77.99 from their total HSA coverage
Dylan has $2722.01 feft in their HSA to cover future eligible expenses
Interested in better benefits?
A Benepeak wellness Spending Account
What Does the HSA Cover?
Regulated by the Canada Revenue Agency (CRA), HSA’s only cover expenses that the CRA lists as eligible. We’ve broken these down into four categories: Dental, Drug, Health, and Vision.
Preventative Services
• Cleaning, polishing, fluoride treatments
• Oral surgery
Diagnostic Senvices
• Dental examination
• X-rays
• Dentist / Denturist appointments
Restorative Services
Dentures, repair & replacement
Appointments with:
• Oculist
• Ophthalmologist
• Optician
• Optometrist (OD)
Laser eye surgery (by a medical practitioner or licensed hospital, either public or private
Prescribed corrective eyewear (eyeglasses, contact lens, artificial eye)
Cost of prescription (by a licensed pharmacist, not over the counter)
Prescription medicine, drugs, and devices (prescribed by a medical practitioner or dentist including):
• Prescription birth control pills
• Tapes or tablets for diabetic sugar content tests
• Vitamin B12
• Medicinal marijuana
• Liver extract
• Insulin or substitutes
• Oxyge
Appointment with licensed practitioners, including:
A- Acupuncturist (R.Ac.), Anaesthesiologist Athletic Therapist, Audiologist
C- Chiropodist, Chiropractor (DC), Clinical Counsellor (Provincially registered)
D- Dermatologist, Dietitian (registered)
G- Gynecologist (Ob. Gyn)
K- Kinesiology
M- Masseuse (Provincially registered)
N- Naturopaths, Neurologist
O- Obstetrician, Occupational Therapist, Osteopath
P- Pediatrician, Physician, Physiotherapist, Plastic Surgeon (medically required procedures with doctor certification), Podiatrist (DPM), Practical Nurse (LPN) and Registered Nurse (RN), Psychiatrist, Psychoanalyst, Psychologist (PsyD)
R- Registered Midwife
S- Social Workers (RSW, RCC, MFT), Speech Therapist (SLP), Surgeon
X- X Ray Technician
