Bright Benefits is trusted provider of Health Spending Account (HSA) plans. We are offering affordable and cost efficient plans to small business owners across Canada through a fast and easy digital claim platform. It’s a tax-efficient plan for health and dental coverage.
A Health Spending Account is a group benefit that provides reimbursement for a wide range of health-related expenses, over and above regular benefit plans. HSA's are administered in accordance with Canada Revenue Agency guidelines. The HSA is an inexpensive way for incorporated employers and sole proprietors to provide tax free health and dental services for themselves and their dependents, their employees and their dependents. These services, available through Bright Benefits Plan, are 100% tax deductible to the corporation or the sole proprietor.
HSA was introduced as a cost efficient and tax effective means of providing health and dental benefits for small and medium sized businesses. You pay your health and dental expenses as you normally would. Your business then pays Bright Benefits (the plan administrator) a payment to cover the expenses, plus a 8% administration fee (both of which are tax deductible). Bright Benefits then provides you (the employee) with a tax-free reimbursement of the expense incurred and a statement to the employer.
Through Bright Benefits plan you qualify health spending account if you own an incorporated business or are a sole proprietor and if you pay taxes. The size of the business does not matter. There may be one or numerous employees. A sole proprietor can enter into health spending account with administrator such as Bright Benefits.
You can claim any item or service allowed under the Income Tax Act of Canada as a medical expense. You can claim unpaid balances or expenses not covered under your other benefit plan. The list includes but not limited to vision care expenses (glasses, contact lenses, and laser eye surgery), prescription drug expenses commonly excluded on Extended Health Care plans (fertility drugs, erectile dysfunction drugs), paramedical practitioners (psychologists, optometrists, acupuncturists), adult orthodontics (dental braces), Laboratory examination and test and qualified medical professional services.
We charge a one time fee of only $199 for enrolling in the plan. You get full coverage for all your health and dental expenses. Our administration fee is also extremely competitive. We charge only 8% for processing each claim. Unlike traditional private health care plans, there are no monthly premiums to pay. You only pay for the expenses you incur.
Yes, dependents are included with your plan. A dependent is eligible for HSA if you claim the person on your income tax return.
Canada Revenue guidelines requires a limit for each plan a year. Each employee receives $15,000 per plan year.