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Here is an overview of what we'll cover in this article.
- What is a Health Spending Account (HSA)
- How to turn personal expenses into business expenses
- How to set-up your account online
- How to download the mobile app
- How to use the mobile app
- What eligible expenses can you claim
- Your Detailed Claim Submission Guide
- Why you have to fund the account after your claim is approved
- How to fund the account
What is a Health Spending Account (HSA)
A Health Spending Account creates an environment that turns after-tax personal medical expenses into before-tax business deductions. By running your out-of-pocket health and dental expenses through an HSA, you are able to withdraw money from your corporation tax-free to pay for them. This allows you to receive income from your corporation tax-free.
How to turn personal expenses into business expenses
- Pay for out-of-pocket health and medical expenses with your personal credit card.
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Submit those receipts to us, National HealthClaim, by logging into your account through the mobile app, ClaimSnap, or through your online portal at https://secure.healthclaim.ca/
- Our team reviews your submission to make sure it follows Canada Revenue Agency guidelines for allowable medical expenses. You will receive an email confirmation in your inbox once a claim is reviewed. The email states how much of your claim was approved and will guide you to review our explanation notes to see if resubmission is needed.
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At the same time, you will receive an additional email asking you to fund the HSA in the amount the claim was approved from your company bank account.
Note: At this point, it feels as if the business owner is paying twice for the expense. Once when they pay personally at the service provider (e.g. dentist) and again as a company funding the claim. To see why this temporary double-payment is necessary, click here.
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Once National HealthClaim receives your company funding, we reimburses your personal bank account. National HealthClaim keeps a small administration fee for the service.
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You can log in and pull your financial reports from your online portal. See the personal expenses you can write off as business expenses.
How to set up your account online
For written instructions, click here.
How to download the mobile app
For written instructions, click here.
How to use the mobile app
For written instructions, click here.
What eligible expenses can you claim
To review what eligible expenses you can submit for reimbursement, download your coverage list(s).
Log in to your online portal, go to the lower right hand section of your screen and click on the "Eligible Expenses" document link(s).
Note: You might see an HSA and/or an LSA link, depending on the coverages you have under this plan.
Your Detailed Claim Submission Guide
For information on what kind of receipts to submit, what to submit when you have insurance coverage, how to claim orthodontic claims, travel medical claims, how to claim in currency other than CAD and how to claim expenses ordered online click here for the guide.
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