There are more than 2.7 million Canadians that are self employed. Unlike those employed who have company benefits, these individuals must find alternative healthcare insurance to cover general and unforeseen healthcare costs. Some of those might self fund as is needed, while others hold private healthcare insurance. Those who self fund could be putting themselves at significant risk if they don’t have a plan in place simply because the unexpected can mean astronomical expenses. Those with a private health care plan are covered according to their plan, but as business owners, may also be able to save money and possibly have a wider selection of healthcare choices.
As healthcare costs continue to rise, there are vast amounts of money spent on general healthcare expenses. Most of these costs are unplanned, but are necessary for our well being and that of our family. The costs can range from general health care for prescription drugs to registered specialists or therapists, including a chiropractor, physiotherapist or acupuncturist among others. Dental and vision care as well as ambulatory services, hearing aids, private nursing and many others are other costs that could add up significantly.
As a business owner you can now benefit from having healthcare insurance you need, while claiming the costs as a business expense by implementing a Health Spending Account (HSA) . The HSA acts like a bank account you deposit and draw on for your healthcare needs. There is no assigned amount per category so you can spend it on for what you need it for. The HSA is flexible and cost effective and can save you up to 35% when compared to the Medical Tax Credit. Furthermore, unlike with private insurance plans, you can carry forward unspent contributions to the following year. Lastly, the HSA funds are paid with pre-tax dollars and all reasonable amounts are fully expensed under the business.
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The final word is that there could be significant savings and much more flexibility to manage your healthcare costs this way.
Contact Us for more information about how this could work for you.
