Olympia Health Spending Accounts
As a small, incorporated business owner, you want to manage costs and keep your tax planning efficient. Traditional health insurance plans can be expensive and often include coverage you may not fully use.
An Olympia Health Spending Account offers a simple alternative.
As a partner of Olympia Benefits, I work with eligible incorporated business owners in British Columbia to set up Health Spending Accounts.
What Is a Health Spending Account
- A Health Spending Account allows your corporation to pay for eligible medical expenses using pre tax corporate dollars. It is a CRA approved benefit plan designed for small businesses.
- Instead of paying monthly insurance premiums, you are reimbursed for actual medical expenses as they are incurred.
- Your corporation deducts the expense.
You receive the reimbursement tax free.
Is an HSA Right for You?
If you are a small incorporated business and do not want the hassles and cost of a premium insurance plan, a Health Spending Account may be the right solution.
Benefits include:
- 100 percent tax deductible to your corporation
- 100 percent tax free reimbursement to you personally
- No fixed monthly premiums
- No paying for coverage you do not use
- Flexibility to choose your annual allocation
Eligible expenses can include dental care, prescriptions, vision care, physiotherapy, chiropractic services, mental health services, and other CRA approved medical costs.
These plans are available to residents of British Columbia only.
Get Started
If you are ready to purchase an Olympia Health Spending Account, you can enroll directly here.
Questions?
If you have questions about whether an HSA is right for your business,
I would be happy to speak with you. Reach out to me today below!
Contact Form
Ready to take the next step? Contact me today for a no-obligation 45-minute complimentary consultation.
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