Basic Information
myHSA is a free software used to establish Health Spending Accounts, an approach approved by the Canada Revenue Agency to provide medical, dental, and vision benefits in a tax-saving manner. Companies can write off 100% of the costs associated with their HSA. All reimbursed expenses are tax-free for employees. If employers do not have a traditional benefits plan, an HSA can be used to provide employees who do not receive employer-sponsored coverage with a full range of benefits, including medical, dental, and vision care. If employers have a traditional insured group benefits plan, an HSA can be utilized to "carve out" less commonly used coverages like orthodontics or vision care and offer these types of benefits within a "Health Spending Account."