Health Spending Account for Dental Treatment
An option for the self-employed
Finding health benefits programs that provide proper coverage at affordable prices for small business and the self-employed has often been very difficult. If you are self-employed or a small business owner, you might want to consider the alternative of setting up Health Spending Account (HSA).
A HSA can be established as a standalone health benefit , or to complement an existing group benefits plan. Unlike traditional benefits plans that could include items that individual may or may not need, a HSA lets you choose from a very broad list of eligible healthcare services, as defined by CRA. Self-employed small business owners can deduct all their own and their employees' eligible medical and dental expenses from their gross business income, instead of making them a personal expense.
Health spending accounts can be set up through third-party administrators/trustees or insurers that specialize in administering these plans. An example of this type of administrator is Olympia Trust.
As an alternative to traditional group insurance plan, a health spending account provides an attractive and cost-effective option for eligible small businesses. Many entrepreneurs and their employees like the flexibility of HSAs. Eligible medical and dental costs are entirely paid for up to the funding limit. There are also none of the deductibles, co-payments or annual limits on particular kinds of services that some group health plans have. Contributions to a HSA, administration fees and premium taxes are all tax deductible expenses to the plan sponsor while the benefit to the employee is tax-free.
Whether small business owners opt for traditional health plans or HSAs, it’s a good idea to seek professional advice.
https://en.wikipedia.org/wiki/Health_Spending_Account
A HSA can be established as a standalone health benefit , or to complement an existing group benefits plan. Unlike traditional benefits plans that could include items that individual may or may not need, a HSA lets you choose from a very broad list of eligible healthcare services, as defined by CRA. Self-employed small business owners can deduct all their own and their employees' eligible medical and dental expenses from their gross business income, instead of making them a personal expense.
Health spending accounts can be set up through third-party administrators/trustees or insurers that specialize in administering these plans. An example of this type of administrator is Olympia Trust.
As an alternative to traditional group insurance plan, a health spending account provides an attractive and cost-effective option for eligible small businesses. Many entrepreneurs and their employees like the flexibility of HSAs. Eligible medical and dental costs are entirely paid for up to the funding limit. There are also none of the deductibles, co-payments or annual limits on particular kinds of services that some group health plans have. Contributions to a HSA, administration fees and premium taxes are all tax deductible expenses to the plan sponsor while the benefit to the employee is tax-free.
Whether small business owners opt for traditional health plans or HSAs, it’s a good idea to seek professional advice.
https://en.wikipedia.org/wiki/Health_Spending_Account
