What we doHealth Spending Accounts (HSAs)
Health care coverage tailored to you
With a Health Spending Account (HSA), you have the flexibility to direct your health care dollars where you need them most. Health care is clearly not a one-size-fits-all situation, and every situation is unique. You, as the Employer, determine the health benefit you want to offer your employees. Out-of-pocket expenses for you, your spouse, your children, and other dependents can quickly escalate, and potentially create financial hardship. A Link HSA is a very useful tool to help you manage these costs.
Features and Benefits of a Link HSA
- Complete control over the health benefit amount you grant (value is determined in advance)
- No annual renewals, reserves or inflation factors
- Reimbursement funds are non-taxable to the employee (with the exception of Quebec)
- Admin fees and reimbursements are tax deductible for the employer
- Employees have the power to decide how to spend your benefit dollars
- Use your HSA dollars, rather than your own after-tax dollars, on items not covered under a traditional group benefits plan
- No medical underwriting, no medical questionnaires
Benefit plans vs. HSAs
- Employer determines HSA benefit (dollars), rather than group benefit plan premiums in an attempt to cover all employees
- Eligible HSA expenses are determined by the Canada Revenue Agency (CRA), rather than products and services specified by a group benefits program
- HSA reimbursement amounts determined by your HSA balance, not plan maximums