As a decision-maker responsible for employee benefits, attracting and retaining top talent is a priority. Offering competitive benefits is essential, and while traditional health insurance has long been the standard, more companies are now turning to Healthcare Spending Accounts. These accounts provide a flexible, cost-effective way to support employees' healthcare needs. A Healthcare Spending Account helps cover out-of-pocket expenses not included in traditional group health plans and supplement payments for partially covered services. It can also be used for deductibles, co-pays, dental and vision care, prescriptions, paramedical services, and medical devices—offering employees flexibility to meet their unique healthcare needs.. The HSA is a tax-free benefit The HSA is a non-taxable benefit, which means any reimbursement an employee receives is tax-free. By using your HSA for eligible expenses, you spend pre-tax dollars instead of after-tax income. This means your money goes further since you’re not paying taxes before using it, giving you full purchasing power. Eligible HSA Expenses and the Canada Revenue Agency (CRA) HSAs are designed exclusively for eligible health and dental expenses. While the list of covered items is extensive, some examples include: Dental Services Vision Care Medical Cannabis Crutches Fertility Treatments Hearing Aids Heart Monitoring Devices For more information about what can be claimed under the HSA, visit the CRA’s website on a regular basis as their list of eligible expenses may be updated at any time. Common types of claims Health or dental claims that have already been maxed out on your benefits plan Expenses not covered by your health and dental plan for you and/or your eligible dependents. Example: Orthodontics Extended Health and Dental premium repayment. If you offer a HSA to your team, they may choose to buy an individual Health and Dental plan and use the HSA to supplement the premium. Popular ways to use an HSA Example: Greg is single and has extended health coverage under his group benefits program and receives $375 in his HSA. During the HSA year, Greg spends $250 on a new pair of glasses and submits a claim under his plan. His plan covers glasses for up to $200 every 24 months. He uses HSA credits to cover his out-of-pocket costs: Amount submitted to benefits program: $250 Amount paid by benefit plan: $200 Expense automatically flows through to HSA: $50  Total annual HSA credits: $375 Amount paid by HSA: $50 Remaining HSA credits: $325 With his HSA credits, Greg is fully reimbursed for the cost of his glasses, and he still has $325 in credits to use for other expenses. Without the HSA, Greg would pay $50 (in after-tax dollars) for the expense not covered by his group benefits program. Incorporating a Healthcare Spending Account into your benefits offering is an effective way to enhance your employees’ healthcare coverage while keeping costs under control. With its tax-free advantages and flexible use, an HSA can be a valuable tool in attracting and retaining top talent. If you’re ready to explore how an HSA can work for your business, reach out to one of our benefit consultants today!

Good benefit plans draw in and keep high-quality employees. Providing dental coverage for employees and their families is crucial to staying competitive. However, the expenses associated with this coverage continue to trend upward for employers. The dental fee guide provides recommended fees for various dental procedures and services. Insurers use it as a benchmark for determining acceptable reimbursement levels for dental care. Each province has a dental association that sets their fee guide for the year. In recent years, these costs have grown, leading to higher claims and increases in premium or funding levels at renewal. Although costs have risen across the board, the fee increases for 2024 are more reasonable than those of 2023 and not as high. Below are the fee guide increases announced for 2024 by the dental associations:

Understanding the nuances between retirement options like Deferred Profit Sharing Plans (DPSPs) and Group RRSPs is essential for maximizing benefits while minimizing costs. Below we explore the differences, highlighting the advantages of modernized group retirement benefits that prioritize accessibility and low fees, ensuring employees can confidently plan for their futures.