If you’re a small business owner, there’s one thing you need to know about: a health spending account (HSA). In many ways, an HSA has the ability to improve your business and help you grow. From increasing employee satisfaction and improving retention rates to helping you remain competitive, an HSA provides many benefits beyond the obvious.
But how does it work? If you’re wondering what you can expect after making the investment in a Canadian health spending account, you’ve come to the right place. Keep reading to learn how a health spending account works and the many benefits it will provide your business.
What You Need to Know
Understanding how a Canada health spending account works is easy—just imagine it like a yearly allowance. Each year, business owners are responsible for …show more content…
For many, applying online is the most convenient method of getting the ball rolling; however, you can also speak with a representative over the phone.
Once you answer a few simple questions about your company, it will be time to pay the start-up fee. This is a small, one-time fee that allows your application to be processed. Once this fee is paid, the only other costs you’ll incur include the amount you allocate into each spending account annually and roughly 10 to 15 percent on each claim submitted.
The Benefits You’ll Experience
As you begin to learn about a Canada health spending account, the benefits are likely adding up in your head. From costs savings to increased control, an HSA is a solution many small business owners are beginning to explore. Some of the most obvious benefits include:
No rising premiums
With traditional health insurance plans, you have little to no control over the cost of premiums; it’s entirely up to the insurance company. However, with an HSA, you get to decide how much money is allocated and you never have to pay more than you’re comfortable spending.
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But how does it work? If you’re wondering what you can expect after making the investment in a Canadian health spending account, you’ve come to the right place. Keep reading to learn how a health spending account works and the many benefits it will provide your business.
What You Need to Know
Understanding how a Canada health spending account works is easy—just imagine it like a yearly allowance. Each year, business owners are responsible for …show more content…
For many, applying online is the most convenient method of getting the ball rolling; however, you can also speak with a representative over the phone.
Once you answer a few simple questions about your company, it will be time to pay the start-up fee. This is a small, one-time fee that allows your application to be processed. Once this fee is paid, the only other costs you’ll incur include the amount you allocate into each spending account annually and roughly 10 to 15 percent on each claim submitted.
The Benefits You’ll Experience
As you begin to learn about a Canada health spending account, the benefits are likely adding up in your head. From costs savings to increased control, an HSA is a solution many small business owners are beginning to explore. Some of the most obvious benefits include:
No rising premiums
With traditional health insurance plans, you have little to no control over the cost of premiums; it’s entirely up to the insurance company. However, with an HSA, you get to decide how much money is allocated and you never have to pay more than you’re comfortable spending.
More