As members of the Guild Network, you have special access to a Benecaid Health Spending Account or HSA at a reduced administration fee of 8%. This program allows members of the Guild Network operating an incorporated business or a sole-proprietorship with an affordable and reliable health benefit solution.
A Health Spending Account, or HSA, is a uniquely designed "bank account“ established exclusively for the purpose of healthcare spending.
Contributions are recognized as a 100% business deduction in the year in which they were contributed —even if the money is not spent that year. The money can then be used to pay for your healthcare expenses, as you choose.
Unspent contributions are not lost at year end—they carry forward for |
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spending the following years. In some cases, an individual could build up thousands of unspent HSA dollars for their healthcare needs.
There are two different Health Spending Accounts available --one for incorporated individuals or employees of a corporation (Health & Welfare Trusts –HWT) and one for self-employed individuals (Personal Health Savings Plan –PHSP).
An HSA is the ideal solution for self-employed individuals and small business owners interested in a cost-effective benefits program for themselves, their family, or their employees. The owner simply sets the contribution level, defines the deposit schedule, and Benecaid handles the administration. With every deposit, you are charged an 8% administration fee to cover the costs of adjudicating claims, allowing you a cost effective health benefit plan that you can attach a real value to. |
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Benecaid’s HSA solution offers unparallel options for eligible medical expenses – far beyond the limits of traditional insurance.
Some of the products and services considered as eligible expenses with an HSA include:
- Audiologist Services
- Dental Services & Surgery
- Chiropodist Services
- Chiropractic Services
- Contact Lenses & Vision Care
- Cosmetic Dentistry*
- Elderly Parent & Dependent Care
- Fertility Drugs & Treatments
- Occupational Therapist
- Massage Therapists (RMT)
- Prescription Drugs
- Special Needs Tuition & Care
*For medical or reconstructive purposes only. Please contact your financial advisor for more information.
For a general list of some of the eligible products and services covered by an HSA, click here. |
