Real Estate Professional's Guide: Leveraging a Health Spending Account (HSA)

Mandatory association benefits plan not providing enough coverage?

Paying all of your health and dental expenses out-of-pocket?

There's a better way.

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As an incorporated professional, your business can set up a Health Spending Account (HSA) to reimburse you for your family's health and dental expenses. Instead of paying for health and dental with personal, after-tax dollars, your company reimburses you 100% tax-free.

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If you’re Ontario-based:

Pair up your mandatory benefits plan with a Hiveworks HSA to bridge the gaps without any hassles.

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1. Cover the Portion You're Paying Out-of-Pocket

If your plan only covers 70% of your expenses, the remaining portion is your responsibility, and you’re paying for it personally with after-tax dollars.

A $200 physio visit reimbursed at 70% leaves you paying $60 out-of-pocket. Submit that $60 through your HSA to have your company reimburse you tax-free.

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2. Go Beyond Category Maximums

Group plans often have strict annual limits on how much they’ll reimburse. These caps can be surprisingly low.

• Dental: $1,000 to $1,500 per year
• Vision: $150 to $250 every two years
• Massage, physio, chiro, counselling: $300 to $500 per year per service

Once you hit those caps, your plan stops paying. But you don’t stop needing care.

That’s where your HSA picks up the rest. Any amount over the group plan maximum can be claimed through your HSA.

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3. Claim What Your Plan Doesn’t Cover at All

Many common health expenses are not covered by group plans at all. But if they qualify under CRA’s Medical Expense Tax Credit (METC), they’re fully eligible under your HSA.

Some examples:

• Braces / Invisalign / Orthodontics
• Laser eye surgery
• Orthotics and orthopaedic shoes
• Fertility treatments
• Dietitians, naturopaths, acupuncture
• Acne or dermatology-related procedures

If your group plan doesn’t cover it, but it's eligble under the Medical Expense Tax Credit, your HSA will reimburse it.

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If you don't have a benefits plan at all:

You can set up a Hiveworks Health Spending Account today to cover your personal health and dental expenses.
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1. 100% Tax-Free

Paying for health and dental out-of-pocket? Your corporation can reimburse you for eligible expenses completely tax-free. Shift these costs from your personal dollars to become a 100% business deduction.

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2. $0 Monthly Premiums

Stop paying for coverage you don't use. With Hiveworks, you only fund claims after they have occurred and are approved. There is no fixed monthly overhead and no "use-it-or-lose-it" fees.

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3. Covers Your Whole Family

Protect your entire household without any extra hassle. One flat annual fee covers you, your spouse, and all dependants for every eligible health and dental expense.

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4. No Category Limits

Spend your funds how you want on the things you actually need. Use 100% of your limit on high-ticket items like Invisalign, Braces, or Laser Eye Surgery if you need to. No $500 caps for vision or dental.

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A Platform Built for Busy Real Estate Professionals

The Hiveworks platform is simple to use. Experience a modern, intuitive platform built for real estate professionals.

• Submit Claims in 60 Seconds: Just upload a photo of your receipt and fill in a few details.
• Fast Reimbursement: Get your reimbursement quickly and without hassle. Funds are direct-deposited within days.
• Accountant-Ready: Access clean, digital summaries that you can share with your accountant in a snap