FAQs
Questions?
We've got answers
Choosing the Right Plan
Which plan is best for me?
Annual Plan: Best if you have consistent healthcare expenses throughout the year and want a predictable, up-front cost.
Pay-As-You-Go Plan: Ideal if your healthcare expenses are occasional or unpredictable, allowing you to pay only when you submit claims.
Eligibility and Coverage
What expenses can I claim?
You can claim a wide range of medical and dental expenses, including doctor visits, dental treatments, prescription medications, vision care, and more. If you have group health benefits, you can claim the portion not covered by your plan. For a full list of eligible expenses, visit the CRA’s list of eligible medical expenses.
What types of expenses are eligible?
Eligible medical expenses include prescription medications, dental work, vision care, physiotherapy, and more. For a complete list of eligible expenses, visit the CRA’s website on eligible medical expenses.
Can I add family members to my HSA?
Yes! You can add your spouse and dependents to your plan, giving them access to the same healthcare savings
Can I submit expenses from before I signed up?
No. Your Hiveworks HSA only covers expenses incurred on or after your plan's effective date, which is the day you sign up. Anything dated before that isn’t eligible for reimbursement under CRA guidelines.
If you had HSA coverage with another provider and are switching to Hiveworks, contact us. We’ll help ensure there’s no gap in your coverage.
Can I claim premiums I pay for group health and dental benefits?
Yes. If you personally pay for group health or dental insurance premiums (not your corporation), you can claim them through your Hiveworks HSA. These premiums are eligible for tax-free reimbursement as long as the insurance plan provides eligible health coverage under CRA rules.Keep in mind:
You're submitting for premiums paid by you personally, not those paid directly by your corporation (those are already tax-deductible).
Only premiums for qualifying health coverage (like medical, dental, vision, or drug plans) are eligible.
Premiums for non-health insurance (like life, disability, or critical illness) and provincial or territorial health plans are not eligible.
Limits and Requirements
Is there a limit on how much I can claim in a year?
While there is no fixed limit on claims, it's important to set a "reasonable amount" based on your actual health spending. Typically, $15,000 is a reasonable annual maximum for most businesses, but this can be higher depending on your specific circumstances. If your claims are significantly higher, we may need to review them for consistency.
Do I need to be incorporated to use an HSA?
Yes, the Hiveworks HSA requires that you are incorporated and have at least one employee, which can be yourself.
Submitting and Managing Claims
How do I submit a claim?
Log into your Hiveworks account, select New Claim, upload an image of your receipt, and complete a simple claim form. Our platform makes it quick and easy to submit claims.
Can I submit multiple claims at once?
Yes! Use our Multi-Claim Submission feature to submit as many claims as you need to in one go. Simply upload the receipts for each expense and submit them individually or together.
Is there a maximum number of claims I can submit?
No, there is no limit to the number of claims you can submit as long as the expenses are eligible. You can submit claims as frequently as necessary.
What if I submit an ineligible claim?
If your claim doesn’t meet the eligibility criteria, we will notify you and provide an explanation. You can then resubmit an adjusted claim as needed.
Reimbursements and Funding
Why does my company have to send money for an expense I already paid personally?
When you pay for a medical expense out-of-pocket, you’re using personal funds. The HSA process allows you to shift that expense from personal to corporate, which provides you with tax benefits.
Here’s how it works:
1. You pay out-of-pocket: You initially cover the healthcare expense with your personal funds.
2. Your corporation submits the payment: Your corporation pays the claim to us (Hiveworks), which is necessary to get the tax deduction.
3. We reimburse you: Once we receive the payment, we reimburse you personally for the healthcare expense, returning the money you spent out-of-pocket, tax-free.
This process ensures that you get the reimbursement for the expense, while your corporation benefits from the tax deduction. Essentially, it helps you reduce your personal tax liability by shifting the costs to your business.
How long does it take to get reimbursed?
It typically takes 4 – 6 business days which includes receiving your claim, reviewing it, receiving funds from your corporation and dispersing funds to your personal account.
HSAs vs. Traditional Insurance
What is the difference between an HSA and traditional insurance?
An HSA offers more flexibility than traditional health benefits. You can use it for a wide range of eligible medical expenses, and there are no premiums or restrictions on what you can claim. You control the spending, making it ideal for small business owners.
Small Business Plans
Do you have a plan for companies with multiple employees?
We're working on offering solutions for small businesses with employees, so you’ll be able to cover your entire team with the same flexibility and savings benefits. Enter your email below to be notified when it launches.
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