With tax time approaching, we wanted to review the tax reasons for setting up a Health Spending Account.
Also known as HSAs or Private Health Services Plans (PHSP), these accounts provide a way to pay for medical, dental, and vision expenses that is tax-effective and simple.
Incorporated Business Owners: If you have active business income in your corporation, an HSA can be used to withdraw money from your corporation tax-free.
The expenses you incur and then claim through your HSA become 100% deductible to your business.
Incorporated business owners can take advantage of the tax benefits of HSAs not only for themselves, but also for their employees.
HSAs can be used to compliment an insured health and dental program, which likely does not cover 100% of every expense.
No set up fees
No ongoing fees – only pay a 10% administration fee when you use the plan
No need to pre-fund the plan
Contact Vital Partners for easy enrolment today. For more information, visit https://www.vitalpartnersinc.com/health-spending-accounts.