LEARN MORE: What is a Health Spending Account (HSA), otherwise known as a Private Health Services Plan (PHSP)?
Canada Smart Plan provides access and administration of an HSA, a Canada Revenue Agency approved method to provide medical, dental and vision benefits in a tax-efficient manner.
- Through it the business can write off 100% of the costs related to its HSA.
- All expenses reimbursed are Tax Free to the employees/business owner with typical savings of 30-40%.
How does an HSA plan work?
The company pays the amount of the employee’s health expense claims submitted, plus an administration fee through the company account. The Canada Smart Plan administrative component covers the compliance service that is required for the benefits to be reimbursed to the employee/business owner as non-taxable. When processed through the Health Spending Account the expense is deductible against business income. It can be used as a stand alone plan or in conjunction with an insured benefits plan.
Who can qualify under the Canada Smart Plan?
Whether you are the business owner with no additional employees, your business is incorporated, or unincorporated, or you have several additional employees on payroll, you can qualify. Different setup rules apply depending on your situation.
See DETAILS about our plan Eligibility Rules.
As the business owner, you are considered an “employee”. You, your spouse and dependent children are included. If you have additional employees, you the employer, have complete control over which employees are covered under the plan. They can be added or deleted from the plan at any time. Separate classes of employees can have separate amounts available for the employees to spend.
What makes the Canada Smart Plan system better than other options?
You are in complete control. Your company plan administrator can add or delete employee, and track in real time, all claims history (but not private employee claim detail). You determine the budget available for your employees.
Each employee has their own separate and secure login, through which they can make new claims and track past and pending claims.
The Canada Smart Plan system takes away the paper! Claims are submitted online by the employee through the employees own secure login. Each receipt being claimed is uploaded and our adjudicators verify each one for compliance and eligibility. The upload of the receipt can even be done by their PDA. The original receipts are kept by the employee.
And…YES! You can make claims from your smart phone.
Imagine this… You’re still in the dentists office, paying for services. The receptionist hands you the receipt for services, and before you leave, you pull out your smart phone, quickly enter claim details, then you’ll be prompted to take a picture of the receipt to submit… hit enter, and you’re done! You’ve just made your claim. No need to stack them up and schedule time to submit them. No lost or forgotten receipts. You’ve done it in real time! How’s that for efficient and convenient?
How are cl aims reimbursed?
All claims are made online. When an employee makes a claim it sits at pending until it gets final approval by our professional adjudicators. After approval, the reimbursed amount gets deposited directly into the employee’s account.
Because the whole process is done online, it takes between 2 – 4days from submission to reimbursement rather than 2 – 3 weeks for claims done by mail.
How much does it cost to get started? Zero. Nada. Zilch!
Canada Smart plan is FREE to set up , unlike other services, who charge up to $400 to get started (Most of which is paid out in broker commission… we know from experience!) See how we stack up against our “competitors”.
Our professional claims adjudication fee is 10% of the claim amount (industry standard). When you use the plan, you save money – usually 30-40%. Our 10% administration fee is only applied when you actually benefit from our service!
- NO Monthly Fees
- NO Annual Renewal Fees
- NO Fee for adding or deleting employees
Do You Offer Any Add-On Insurances?
Yes, we offer an excellent Travel and Catastrophic insurance policy that can be added to any plan for just $105 per year and it covers the entire family. (It’s a great way to offset those big ticket unexpected expenses!)
See Details About Our Travel and Catastrophic insurance policy .
Ideas on how to utilize an HSA
If your company does not have a traditional benefits plan, an HSA can be used to provide a complete range of coverage including medical, dental, and vision benefits to employees who otherwise could not get employer sponsored benefits.
If you have a traditional insured group benefits plan, an HSA can be used to “carve out” infrequently used coverage such as orthodontics or vision care and make these types of benefits available in a Health Spending Account.
What types of expenses are covered?
The employee may claim for any medical expenses that are allowable under the Income Tax Act. This is a very wide range of services that include many items that are not typically allowed under a traditional insured group benefits plan. When making an online claim, you can claim all CRA ELIGIBLE EXPENSES. See details…
How Do I Set Up A Plan?
- CLICK on the “Get Started Today” button below, and complete the enrollment form
- You’ll receive your account login details to begin making claiming and/or adding additional employees, if you have them.
- It’s that easy!
PS: It’s free to set up!