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Published on Jun 26, 2015
A healthcare spending account (HCSA) is a benefits solution that can be used either as a complement to a core health and dental plan, or as a standalone option. It’s a pool of money available to employees and their families, which an employer funds monthly throughout the year.
It’s great for employers because they can: 1. Control how much they would like to spend on the HCSA 2. Define “groups within their group” to customize how much funding each group of employees receives (can be based on seniority, position, etc.) 3. Count it as a 100% tax-deductible business expense
It’s great for employees because they can: 1. Spend their funds on any Canada Revenue Agency (CRA) approved expenses (encompassing much more than is covered by conventional benefits plans) 2. Receive tax-free benefits dollars