Small businesses can pay off their medical expenses thru their corporation and save taxes. Health spending account or HSA is very effective as we all know that paying from corporation costs us less as compared to the personal account. Moreover, the medical expenses are tax deductible expenses for the corporation.
How to open HSA Account?
Health spending Account can be opened by calling your financial advisor or alternatively you can call us at 416-839-4561
How are the claim proceesed?
Claims are processed thru a third party administrator (TPA) which charges your corporation account and deposits the claim amount in your personal account.
Is there a fee involved in processing the claim?
Yes, there is a fee (5 – 10%) is involved and your corporation account is charged the fees. Even after paying fees HSA Account makes a lot of sense as the expenses are tax deductible.
What all expenses are covered under HSA?
Almost all types of health care expenses are covered under HSA. Prescription drugs, Hospitalization, Para medical, Chiropractor,
Dental expenses, Vision Care, Massage therapist, Acupuncture, Speech therapist etc. For more details you can call at 416-839-4561
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