Everything You Need to Know About a Health Spending Account CRA

Written by Small Business Magazine on October 15, 2013. Posted in Cra health spending account, Health care savings account, Tax tips small business

Hsa plans

Did you know that 60 percent of employers in Canada fret over the quality of the health care plans their employees receive? That is the majority! But wait, Canada is supposed to have an excellent health care system, right? Why would so many companies worry about the quality of the coverage if the coverage is good no matter what?

It just is not that simple. Unfortunately, employees who do not receive small business group health insurance plans are subject to pay for quite a number of treatment options out of pocket. These include deductibles and co-pays, plus a whole host of other services not covered under traditional benefit plans. So employers, wanting to provide the best health benefits for small business workers, tend to worry about not having enough money to invest in these sorts of programs.

When that happens, you can always opt for a health spending account instead. A health spending account CRA is a self-insured private plan that employers can establish to cover their employees. The CRA is the Canada Revenue Agency, which is in charge of all tax law in the country. Canadian health care is delivered through a publicly funded system that is mostly free and provided through private entities.

It makes sense, then, to learn that nearly three-quarters of all Canadians have some form of private health insurance. Many of these people receive it through their employment situations. A health spending account CRA can help an individual receive the top care treatment and coverage from the health insurance companies in Canada. Additionally, around 30 percent of all expenditures in the Canadian health care system come from private sources, usually insurance and out-of-pocket payment.

So, what is the takeaway? Securing a health spending account CRA can help you assemble a cohesive plan for all your health care needs, just in case. And in the volatile world of today, those words are more important than ever before.

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