Who Can Use a Health Spending Account?
Self-employed individuals, small business owners, and individual employees can all use Health Spending Accounts. A brief explanation for each group is below.
Self-Employed and Business Owners
A Health Spending Account is an ideal solution for self-employed individuals and small business owners interested in a cost-effective benefits program for themselves, their family, or their employees. You simply set the contribution level, define the deposit schedule, and the Total Concept Group handles the administration.
Individual Employees
Many individuals struggle with costs associated with a sick or special needs child or parent. You can ask your employer to set up a Health Spending Account on your behalf as an automated salary deduction. This deduction is a 100% tax deductible expense for the employer AND it allows you to pay for your healthcare costs with pre-tax dollars. Both sides win.
Note: A dependent of an HSA participant is anyone related by blood or marriage residing in Canada who is dependent upon him/her for any financial support within the year. (Spouse, any aged child, parent, grandparent, aunt uncle)
For information on how YOU can save with a Health Spending Account, click here to get started.
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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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