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Get More Bang for Your Benefits Buck – Health Spending Accounts

More and more often, employers are now offering Health Spending Accounts (HSA) to their employees to supplement the coverage provided by their benefits plan. And yet, an HSA remains one of the best-kept secrets.

In a nutshell, an HSA works like a benefits bank account. The employer deposits an amount for each employee into the HSA, and the employee in turn makes claims from the HSA.

From an employer’s point of view, an HSA is favorable because;

From an employee’s standpoint, an HSA is favorable because;

An HSA can be used two different ways;

Not everything can be put through an HSA though; the Canada Revenue Agency has specific guidelines as to what qualifies and what doesn’t.

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