Flexibility in Health Care Choices
Health Spending Accounts (HSA) have become a part of many group benefit plans. They are a practical, affordable and cost-effective way to meet the changing needs of today’s employers and employees.
Pacific Blue Cross Health Spending Accounts complement a group plan, reimbursing employees for a wide range of health-related expenses outside of their standard benefits. Health Spending Accounts are funded with pre-tax dollars through employer contributions and are administered by Pacific Blue Cross according to Canada Customs Revenue Agency (CCRA) guidelines. They provide the perfect mix of flexibility and cost containment, adding value to group plans without adding costs.
Added flexibility
With Health Spending accounts, clients can offer the flexibility in health care choices that their employees want, while holding plan costs at a level that they can afford. Health Spending Accounts reimburse employees for many health-related expenses not covered by the provincial health coverage or by a typical group plan. Best of all, Health Spending Accounts give employees significant benefits without giving clients significant costs. Employees appreciate the individuality of coverage that Health Spending Accounts allow.
Cost containment
Health Spending Accounts help group clients contain costs. Employees become more aware of health care costs as responsible plan consumers managing their own benefit dollars.
Tax advantages
Health Spending Accounts provide a way for clients to deliver tax-effective compensation to their employees, using pre-tax dollars. At the beginning of the year, the client decides on the amount to be available in the Health Spending Account. Because these dollars are directed to the account before income tax is deducted, compensation provided through these accounts goes much further than if employees were to pay for health-related expenses themselves.
Expanded eligibility
CCRA’s broad definition of a dependent permits employees to cover expenses for extended family members – a perfect solution for employees wanting to cover expenses for family who would not otherwise be eligible under their benefit plan.
Getting Started
To better understand how Pacific Blue Cross can administer your Health Spending Account, please contact your Plan Advisor or Pacific Blue Cross.
The information provided on this Web site is intended to be general information only, and does not form a contract. For specific details of your group's Pacific Blue Cross or BC Life benefit coverage, please refer to your employee handbook, or consult your benefit administrator. Benefit Administrators may refer to their Pacific Blue Cross contract or BC Life policy. They may also contact their broker/consultant or Pacific Blue Cross/BC Life. Groups wishing to apply for Pacific Blue Cross or BC Life coverage should contact their broker/consultant, or Pacific Blue Cross/BC Life.
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