Email Article 1. The enVia Health Spending Account (eHSA):
With an enVia Health Spending Account, you’ll enjoy a much broader range of claimable health & dental expenses - and freedom from the annual cost increases typical of traditional benefit plans - with no wasted premiums, deductibles or co-payments. But it might be a new concept to you, so let's have a look at how it's changing the way Canadians cover their health, dental & other medical expenses.
What's different?
First, the enVia Health Spending Account, or eHSA, freezes your healthcare costs and makes them completely predictable. You decide how much to spend because the eHSA operates like a personal bank account for all of your health care spending. Whatever amount you decide to deposit in the account (on an annual or monthly basis) is then available to spend on your health care needs, and any amount left over at the end of the year, carries forward to the second year, so, unlike regular health insurance plans, you only pay for the services you actually use.
Secondly, the Health Spending Account opens up a whole new world of health care expenses you’ve never been able to claim before, all with 100% reimbursement and no co-insurance or pre-existing condition exclusions. Whether it’s a run-of-the-mill prescription drug, or a costly new medication that your Provincial medicare plan doesn’t cover, or Viagra, or expensive tutoring & therapy for a special needs child or any of over 50 other claimable expenses, you now have the freedom to choose the treatments you need.
Finally, the enVia Health Spending Account saves you money. Remember, you’re now using before-tax dollars to pay for your healthcare which is much more efficient, and your contributions to your account are a 100% tax-deductible business expense if incorporated (sole proprietors' deductions have some limits). The eHSA is a unique, Canada Revenue Agency-approved tax shelter that will control your healthcare costs, while at the same time offering you more choice in how you spend your hard-earned dollars.
What kind of expenses can I claim from an eHSA?
Probably a lot more than you’d think, and definitely a lot more than any traditional group insurance plan. Here’s just a partial list of eligible expenses (including your dependent’s expenses) as defined in the Federal Income Tax Act, and notice how you can claim expenses not reimbursed under other medical and dental plans because of deductibles, maximum limits and co-insurance:
Key Features of the enVia Health Spending Account:
Not a traditional insurance plan, rather a tax-deductible “private health services plan” allowing you to write off your health & dental expenses
- Much wider range of claimable expenses
- No wasted premiums - you only pay for the health & dental benefits you actually use and unused contributions carry forward to a 2nd year
- Pay-Direct Drug & Dental card included at no extra charge for efficient, speedy claims payment
- Automatically includes $25,000 of "Catastrophic Insurance" to cover any sudden, unanticipated expensive claims for prescription drugs, hospital or private duty nursing
How can I learn more?
- Download Brochures, Applications & other materials
- Review the Frequently Asked Questions
