Products > Health Savings Account

Healthcare Spending Accounts

A Protect Health Savings Account (HSA) provides the most efficient, cost-effective, and tax minimizing solutions for employers and self-employed individuals to pay for healthcare services not covered by OHIP or a group health plan. A HSA is a uniquely designed “bank account” established exclusively for healthcare spending and is designed to comply with Canada Revenue Agency guidelines of Income Tax Act 339 and 85 R2. Setting up an HSA allows the funding of health expenditures by using pre-tax dollars, thereby greatly reducing the bottom line cost! This can translate into a savings of 30%- 40% per year for medical and health related services, which is far beyond the savings you would receive from a medical tax credit. In addition:

  • There are no set-up fees;
  • Contributions are recognized as a 100% business deduction in the year in which they are contributed;
  • Unspent contributions are not lost at year-end; they carry forward for spending the following year;
  • It can be layered on top of traditional health benefit group plans to cover services not covered by the plan;
  • This is not an insurance product and therefore you are not subjected to traditional medical or financial underwriting;
  • Protect’s Health Savings account offers unparalleled options for eligible medical expenses far beyond the limits of traditional group insurance.

To set up an HSA, you simply set your annual contribution amount, and define the frequency of contributions, and our third party administrator (Benecaid) handles the rest.

Forms:

For more information or to start an HSA please call us at 416 391 3764 or email us at service@protect-ins.com

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101 Duncan Mill Rd., Suite 103
Toronto, ON M3B 1Z3 Map »
Tel: 416-391-3764
Fax: 416-391-5451

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