How Does a Health Spending Account Work?
A Health Spending Account is a 100% tax deductible deposit account.
The money you put into your account is for you to spend on you or your family's healthcare costs.
- Are there expenses not covered by OHIP or your benefit plan? These can be paid from your Health Spending Account.
- Does your benefit plan require you to pay co-insurance amounts? These can be paid from your Health Spending Account.
- Do you pay for your own family health plan? Premiums for these can be paid from your Health Spending Account.
This is not insurance as you know it. It is a reimbursement program. The money you put into the Health Spending Account (tax free!) can be spent on healthcare costs.
If you deposit $5000 into your Health Spending Account, that $5000 can be applied to healthcare expenses incurred by you or your family members. You will not pay tax on that $5000 either.
Does it work? Here is what one client had to say:
Saved over $5000!
Paul Wemple helped me through the steps to incorporate my professional practice, and to set up a Health Spending Account. That effort set the stage for our family to save over $5,000 on our health care costs this year. Thanks Paul.
Karen L. Wilson O.D.
Karen L. Wilson Optometry Professional Corporation
Toronto
It is easy to set up a Health Spending Account. Just click here to get started.
Calculate your savings with a Health Spending Account by clicking here.
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For more information, you can reach us at the following co-ordinates:
Total Concept Group
65 Lynngrove Ave., Toronto, ON M8X 1M7
Phone: 416-465-8226
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