Welcome to your new company account! You have joined other business owners who use a health spending account as a tax-efficient way to manage their personal out-of-pocket health and dental expenses.
Before you go through the training, make sure you can follow along by logging into your new account. If you need help setting up your password, watch the video below or read this article.
Now that you are ready, get a jump start on using your new company account.
Personal Business Owner Advantage
The overall process for this is outlined below:
1) The business owner has receipts, that they paid for personally out-of-pocket.These receipts are eligible health and dental expenses such as dental, prescription drugs, vision and paramedical services.
You use our mobile app or mail-in method to submit these receipts to National HealthClaim (an outside administrator) to audit and review. National HealthClaim will approve the expenses if they follow Canada Revenue Agency guidelines for allowable medical expenses.
2) Once a claim is approved, the owner logs in and goes under the "Plan Administration Menu" taking on the perspective of their company. They fund their account with National HealthClaim using company funds.
Note: At this point, the business owner has "paid" for the expense twice. Once when they paid personally at the service provider (e.g. dentist) and then, now again as a company funding the claim made.
3) However, National HealthClaim then reimburses the business owner to their personal bank account as if they are an employee making a claim and getting reimbursed. National HealthClaim keeps a small, standard administration fee for the service.
The reason that business owners use this process to manage their out-of-pocket health and dental expenses is that it is tax-efficient, and provides more savings by turning personal expenses into business deductions.
Watch the next two videos to get started with your new account:
1. Learn how to download make a claim with our mobile app - (click here for written instructions instead)
Note: The video below is a tutorial on how to submit funds for a company's employees when they are using the account as a benefit. However, the process is exactly the same if you need to submit funds for your personal claims to National HealthClaim as a business owner
Hope this helps.
Always feel free to email email@example.com with any questions about this benefit or just to say hello!