Health & Wellness

Health Care Spending Account (HCSA)

  • Last Updated:
  • Apr 15th, 2022 8:14 am
[OP]
Jr. Member
Jan 5, 2008
121 posts
61 upvotes
Etobicoke

Health Care Spending Account (HCSA)

Does anyone have recommendations on setting up a Health Care Spending Account (HCSA) with reasonable fees for a sole business owner?

Thank you.
4 replies
Temp. Banned
Jun 24, 2015
7649 posts
2507 upvotes
0 downvotes
I have one, but never set it up, my employer did it with me.
Supermarket worker at Fortino's
I'm Not a Wise Guy but more of a Good Fella~!
Drive an Escalade
Deal Addict
Aug 17, 2008
1586 posts
1247 upvotes
You need to find a provider who administers these for small companies and owner incorporated businesses. An internet search turns up names such as olympia, thebenefitstrust, and EasyHSA and many other providers. You will need to pick a couple and make enquiries to find out more. They will charge an admin fee.
Deal Fanatic
Jan 21, 2018
8082 posts
8838 upvotes
Vancouver
You'll find more about this in the Small Business forum. You do not need an administrator firm to set one up, you just need to follow the CRA rules to set it up properly so it is a tax-deductible expense to the company.

There are two reasons for hiring an outside firm to administer it though:
1) Ensure it operates in compliance with CRA rules, and have an independent party you can refer to if audited.
2) Ensure claims processing is impartial and confidential if there are multiple employees

Admin firms charge as little as 5% of claims. Some will also waive the setup fee if you ask.

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