Health Spending Accounts (HSA) is not insurance. They are fully funded by the employer and administered by our business partner Quikcard Solutions Inc. HSA are easy to administer and put the employer back in the control seat. The best part for employees is that virtually all health treatments are eligible for coverage under an HSA as expressed under CRA guidelines. “No two employees have the same health needs!”
Our business partner Quikcard offers several advantages over standard health plans: a. An administration cost structure that is 100% to 450% less than a standard health plan for every $1 of actual paid claims. Please refer to our “Understanding your Health Cost Structure Today” section to see what your administration cost savings will be. b. Quikcard offers businesses a return of 100% of all unused dollars allocated to the Healthcare Spending Account. A standard health benefits health plan does not offer this feature. Traditional plans may lower rates the following year, but any profit for low usage is kept with the Group Insurance carrier. You have the flexibility to receive a cheque, use it to increase fund future premiums for the upcoming year or use it to even make RRSP contributions for your employees. Total flexibility! c. Total plan design flexibility that can allow for 100% for everyday health care costs such as, dental, vision and prescription drugs and extended health including preventative and alternate therapies. d. With our partnership with Global Office Software and Quikcard, we are working very hard to offer our clients in the very near future, the ability to have all of their health claims adjudicated without any paperwork! We are the first company in Canada, that has taken the initiative to offer all Licensed Practitioners such as Chiropractors, Physiotherapists, Massage Therapists, Optometrists, Physiologists, Podiatrists, and more the ability to offer their patients the ability to adjudicate their client’s claims without paperwork! Should your Licensed Practitioner not be set up with the Quikcard/Global Office Software please visit our New Developments section to learn more.
With a health spending account (HSA) you decide your monthly premium. Most businesses set up a specific amount based on Single/Family employees. We can custom-designed your program based on different classes too. Please visit our Health Benefits – Plan Design software to see how you can structure your program.
Maximum Wealth Strategies has a onetime charge of 10% strictly on the 1st year of annual savings that we are able to provide your company with our program versus what you are paying today with your current Group Insurance provider. This is based on your company applying online with us. There is a 17% administration fee for any processed claims. This cost through the HSA is significantly less than what the Group Insurance industry charges. There is no other start up, cancellation, employee enrolment, interest, or yearly fees.
Using a Health Spending Account to cover everyday costs, such as dental check-ups or prescription drugs, combined with group insurance to manage more serious health concerns, ensures full coverage without added cost.
Unfortunately, no. Canadian tax laws allow only incorporated companies, limited companies, and sole proprietors to take advantage of Health Spending Account. Businesses of any size, however, are able to deduct the fees paid toward employee health benefits as a business expense and offer non-taxable benefits to their employees. Ask your accountant about the possible tax advantages for your company.
The flexibility of a Health Spending Account means that business owners can decide which services are covered, and to what extent. Choose dental, vision, extended health, and/or prescription drug coverage. Insurance is available for long-term and short-term disability, travel, life and more. See information under our Pooled Benefits section for more details.
Please find the latest link from CRA attached. Expenses you cannot claim
Programs always have a start date of the 1st day of the month, and usually, require a two to three week lead time to produce your employee Quikcard client cards.
Once you become a Quikcard client you will be assigned to one of our qualified Quikcard customer service representatives. Should you have any changes to your staff, it is as simple as sending us an email to let us know who is being added or deleted from the plan and we will do the rest for you! The changes will occur the same day.
The great news is that it belongs to you! You decide! Options that clients use this money for can include: Receive a cheque back for excess cash Increase Premiums for more coverage for next year Your company can transfer excess cash into Group RRSP contributions for employees A real great Christmas staff party
We have the flexibility of providing increased coverage for any of your employees as long as it flows through Quikcard – Health Spending Account program that you have set up with us. Please go to the Employee Extra Funding section which provides a sample letter that we need for you to provide us for the particular employee that you wish to increase their coverage for. This letter is required for CRA audits.
Please have them visit our New Developments section where they can find out more about the benefits of being a Merchant with Quikcard. They are can also sign up with Quikcard by completing the Merchant Agreement.
One of the concerns people may have with their Health benefits is what happens to an individual who has a serious medical condition (ie.MS) that requires significant drug expenditures that go into the thousands of dollars annually. Virtually all group insurance plans have their drugs benefits integrated with the provincial pharma care drug programs. Once you reach your pharma care drug deductible (it varies by each province) then your pharma care drug program takes over paying your drug claims from your Insurance carrier. The one concern people have raised with this type of approach is that the provincial pharma care drug program may not cover a specific prescription drug medication that you may require. The solution for companies to give them and their employee’s “Peace of Mind” is to add the “STOP LOSS” benefit to your group insurance program. For a $3 Single and $9 Family monthly premium, once a person reaches an annual $5,000 deductible of medical expenses for a medical condition, then the next $10,000 to $25,000 of medical expenses incurred in that year would be covered by the third party insurance provider for Echelon. Thus, we can now offer a Health benefits program which covers your basic medical/dental expenses but now also cover any potential catastrophic medical condition that is not covered your Provincial pharma care plan which exceeds $5,000 annually in medical expenses.