Eligible dependents
Eligible dependents can include family members outside of your souse and children.
Travel Shield
Health Spending Account - HSA for Employees
Licensed Insurance Broker in Canada
Health Spending Account - HSA for Employees
Benefits designed around you
Personal prescription medication, and dental plans for your needs.
Tax deduction
Tax deduction for your business and non-taxable benefits for the employees.
Eligible expenses
Wide range of eligible expenses.
Benefit
Ability to carry forward the benefit amount to the future years.
Flexible, Employer-Funded Health Spending for Eligible Medical Expenses
A Health Spending Account, commonly called an HSA, allows an eligible business to provide employees with a set amount of money for qualifying healthcare expenses.
An HSA can be used as an alternative or supplement to a traditional employee benefits plan.
How Does a Health Spending Account Work?
The employer establishes a spending allowance for eligible employees. Employees pay for qualifying medical expenses and submit claims for reimbursement from their available HSA balance.
An HSA does not automatically provide traditional insurance coverage. It reimburses eligible expenses according to the plan rules and available account balance.
Optional insurance protection may also be available.
Who Can Benefit From an HSA?
An HSA may be suitable for:
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Incorporated businesses
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Small and medium-sized companies
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Employers supplementing an existing group plan
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Businesses wanting predictable benefit costs
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Companies with employees who have different healthcare needs
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Eligible owner-employees
CRA warns that a sole proprietor without at least one arm’s-length employee generally cannot treat an HSA as a qualifying Private Health Services Plan. Businesses should obtain independent tax advice before establishing an account. CRA HSA guidance
Find the Right Insurance Option
Health Spending Account - HSA for Employees
Health Spending Account - HSA for Employees Insurance
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Compare your coverage options and payment arrangement with a personalized quote.
What Expenses May Be Eligible?
Travel Shield lists a wide range of potentially eligible expenses, including:
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Acupuncture
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Mobility devices
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Audiologist services
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Hearing aids
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Autism treatment
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Cataract surgery
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Chiropodist services
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Chiropractic care
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Contact lenses
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Dental hygienists
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Dental surgeons
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Denturists
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Dermatology services
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Prescription medication
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Fertility medication and treatment
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Laser eye surgery
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Registered massage therapy
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Medical laboratory services
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Medical radiation treatment
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Midwife services
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Naturopathic services
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Occupational therapy
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Optician and optometrist services
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Orthodontics
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Physiotherapy
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Prescription glasses and sunglasses
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Private nursing
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Psychological services
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Respiratory therapy
An expense must satisfy the HSA plan rules and applicable CRA requirements. Not every health-related purchase is automatically eligible.
Optional Insurance Protection
Travel Shield states that optional protection may include:
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Out-of-country travel insurance
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Prescription drug and catastrophic health insurance
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Second-opinion medical advice
These are separate insurance benefits and should not be confused with the HSA reimbursement balance.
Tax Advantages
When properly structured as a qualifying Private Health Services Plan:
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Eligible employer contributions may be deductible business expenses.
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Eligible reimbursements may be non-taxable to employees.
Tax treatment depends on the business structure, plan design and CRA requirements.
Carry-Forward Options
Travel Shield states that unused benefit amounts may be carried forward into future years.
The carry-forward period and rules must be confirmed in the specific HSA agreement.
Experienced Administration
Travel Shield states that its third-party administrator has more than 15 years of HSA administration experience and uses independent trustees to support CRA compliance.
The administrator is also described as a member of:
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The Third Party Administrators’ Association of Canada
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The International Foundation of Employee Benefit Plans
Give Employees More Choice
An HSA can provide employees with flexibility to use their available benefit amount for the eligible healthcare expenses that matter most to them.
Health Spending Account
Health Spending Account - HSA for Employees
Health Spending Account / HSA is a great alternative or supplement to a traditional employee health benefits plan.
It's an account that is established to exclusively pay for health care services for you and your family members. It doesn't include any traditional insurance coverage and can be used to pay for expenses that aren't covered under traditional plans such as laser eye surgery or fertility treatments. Optional insurance protection is available.
Our TPA has 15+ years of HSA administration experience, the team comprises
- Independent Trustees who ensure compliance with the CRA so that you can be confident about your HSA account.
- Member of Third Party Administrators Association of Canada (TPAAC)
- Member of the International Foundation of Employees Benefit Plans (IFEBP)
Coverage Benefits Include
- Out of Country Travel Insurance
- Prescription Drug and Catastrophic Health Insurance
- Second Opinion Medical Advice
Benefits
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Eligible Expenses
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Acupuncture
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Assistive Mobility Device
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Audiologist Services & Hearing Aids
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Autism Treatments
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Cataract Surgery
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Chiropodist Services
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Chiropractic Services
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Contact Lenses
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Dental Hygienist Services
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Dental Surgeons Services
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Dental Technologist Services
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Denturist Services
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Dermatology Services
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Prescription Drugs
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Elderly Parent & Dependent Care
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Fertility Drugs & Treatment Services
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Laser Eye Surgery
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Massage Therapists (RMT)
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Medical Laboratory Services
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Medical Radiation Treatments
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Midwife Services
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Naturopath Services
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Occupational Therapist Services
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Optician Services
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Optometrist Services
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Orthodontic Services
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Physiotherapist Services
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Prescription Glasses
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Prescription Sunglasses
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Private Nursing Services
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Psychologist Services
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Respiratory Therapists
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