Health Spending Accounts

Does your Benefits Program Provide Employees with Flexibility and Choice?

The Immix Group can help you determine if a Health Spending Account could complement or replace your employee benefits program. Health Spending Accounts offer a practical, cost-effective way to meet the changing needs of today’s employers and employees.

Innovative Flexibility in Benefit Spending

Health Spending Accounts

Health Spending Accounts offer a pre-determined dollar amount of available spending, with claims adjudicated by an insurance carrier, for tax efficient reimbursement of CRA-approved eligible medical expenses.
Lifestyle Spending Accounts

Provide a pre-determined dollar limit for non-CRA eligible expenses such as fitness membership, sports equipment, supplements and vitamins. Benefits are taxable to employees.
Cost Plus Plans

Cost Plus provide an available tax efficient reimbursement method for CRA-approved eligible medical expenses, when an insured health or dental plan is in place, but the item is not covered.
Private Health Service Plans

Private Health Service Plans allow for tax efficient and CRA-compliant reimbursement of eligible medical expenses for incorporated companies, often used in the absence of an insured health or dental plan.

What is a Health Spending Account?

Health Spending Accounts generally complement a group benefits plan, providing employees with a pre-determined dollar amount of reimbursement for a wide range of expenses outside of their insured benefits, or beyond the plan maximums.

Flexibility to cover a range of expenses

Health Spending Accounts reimburse employees for many health-related expenses not covered by provincial health coverage or by a typical group plan.

There are two types:

Health Spending Accounts: CRA eligible medical expenses (tax-deductible). Eligible expenses such as medical, dental, vision, massage chiropractor, private physician, MRI etc.

Wellness Spending Account: Health and wellness expenses that are not CRA-eligible (taxable benefits). Typical expenses are gym memberships, group fitness classes, personal training, nutrition, fitness equipment and supplements.

Cost Control
Health Spending Accounts help contain costs in two ways:

Employees become more aware of health care costs as plan consumers managing their own benefit dollars.
Employer pays only for the expenses that are incurred plus administration, and to a pre-determined limit per employee.

With Health Spending Accounts, you have complete cost control and certainty, allowing you to plan effectively and eliminate year-end surprises. Employers can offer the flexibility in health care choices that their employees want, while holding plan costs at a level that is affordable.

Providers
All major carriers allow for the integration of health and wellness spending accounts into the benefits offering. Additionally, we have partnered with myHSA to provide digital health and lifestyle spending accounts through a real-time, paperless application.