Big Heart offers Health Spending Accounts (HSAs) that allow small businesses to write-off health and dental expenses while reducing income taxes owed.
What is a HSA?
It’s an investment vehicle that allows you to pay medical expenses through your business. The contract is based on Canada Revenue Agency’s (CRA) guidelines that allows your corporation to reimburse you for out of pocket medical expenses. The reimbursements are 100% tax free to you and 100% tax deductible for your business.
What does this mean? You get to withdraw money from your company without having to pay income tax!
What does this mean? You get to withdraw money from your company without having to pay income tax!
Why use Big Heart…
1. Health & dental expenses are 100% deductible for your business and tax-free for employees.
2. There are no upfront premiums & enrolment fees are currently being waived.
3. Big Heart has an ultra low administration fee (starting at 5% of claims).
4. Reimbursements to employees are typically made within 48 hours.
An annual taxable income of $100,000 with a $3,600 health expense could mean an estimated tax savings of $2,400+. See how HSA compares to other available options.
Customer
We focus on customer service from the initial point of contact.
Plan
We provide a simple, tax-efficient plan for business owners.
Claims
We process all claims quickly and accurately.
Privacy
We take your privacy seriously and adhere to Canadian law and industry best practices.
Coverage
One of the biggest benefits of this Health Spending Account is the freedom it provides through the extensive range of eligible expenses. These types of expenses along with a thorough list of qualified medical practitioners, procedures, and medical devices helps make the Health Spending Account an attractive choice for small business owners. The plan offers 100% reimbursement for a wide variety of eligible expenses including but not limited to:
✓ Dental/ orthodontic
✓ Laser eye surgery
✓ Cancer treatments
✓ Vision & materials
✓ Massage therapist
✓ Psychologist
✓ In vitro fertility program
✓ Naturopath
✓ Speech language pathologist
Use Common Medical Expenses on Canada Revenue Agency (CRA) website as a reference point.
CRA’s list of authorized medical practitioners per province for the purposes of the medical expense tax credit.
CRA’s list of authorized medical practitioners per province for the purposes of the medical expense tax credit.
Claims
Big Heart’s processes are simple & convenient:
1
Employee
Pays for medical expenses out of pocket & obtains receipts.
3
Employer
Forwards claim form and receipts to Big Heart and submits a payment via electronic transfer.
4
Big Heart
Adjudicates the claim, reimburses employee and sends a tax receipt to Employer.
Cost
There are no monthly premiums or deductibles. Big Heart is currently waiving all enrolment fees. The only charges are our ultra low administration fee (starting at 5% of claims) plus applicable taxes.
Start your journey with us now!
Submit the enrolment form to claims@bigheart.ca
Contact Big Heart