What is an HSA?
Understanding Health Spending Accounts
A Health Spending Account (HSA) from Hiveworks is a self-insured benefit plan that allows you, as an incorporated individual, to have your business reimburse you for personal health expenses.
Who Can Benefit from an HSA?
If you run your business through a corporation, an HSA is a powerful tool to streamline your healthcare spending and reduce your tax burden. Hiveworks' HSA is designed specifically for incorporated individuals such as:
Professionals
Doctors, dentists, lawyers, accountants, IT consultants, project managers.
Tradespeople
Electricians, plumbers, carpenters, general contractors.
Small Business Owners
E-commerce entrepreneurs, retail shop owners, restaurant owners.
Freelancers and Gig Workers
Consultants, graphic designers, writers, developers.
Coming Soon
Hiveworks HSA for small businesses with employees.
Leave your email below to receive updates on our launch!
What’s Covered?
HSAs cover a wide range of eligible medical and dental expenses. Some examples include:
Doctor visits
Dental treatments
Prescription medications
Vision care
Medical devices
Therapies (chiropractic, physiotherapy, etc.)
Group Health and Dental Benefits Premiums
The unpaid portion of eligible expenses from your group insurance benefits can also be claimed through your Hiveworks HSA.
For a complete list of eligible expenses, visit the CRA’s authorized medical practitioners and eligible expenses list.
Designed for Business Owners
Family
Family coverage
With Hiveworks, you can include your spouse and dependents in your HSA plan. This means you can extend the same tax-free benefits to cover their healthcare expenses as well, making it easier for your family to stay healthy without breaking the bank.
HSA Benefits
HSA vs Traditional Benefits
Unlike traditional group benefits plans, which are often expensive and come with rigid structures, an HSA offers:
Flexibility: Choose the healthcare services that matter most to you.
Lower costs: No premiums, just the cost of the claims you make.
Control: Direct access to your claims and expenses.
HSAs are particularly beneficial for small business owners who don’t have the luxury of employer-sponsored health benefits but still want to provide tax-efficient healthcare coverage for themselves and their families.
Limits
HSA Spending limits
Unlike traditional health plans that may have annual premiums and restrictive limits, HSAs offer more flexibility. The CRA does not prescribe a set HSA limit however has outlined that the limit must be reasonable.
Privacy
Security and Privacy You Can Trust
We take your privacy seriously. All personal and health information is securely stored and encrypted in accordance with Canadian regulations. You can trust Hiveworks to protect your data and provide a safe, secure platform for managing your health spending.
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