There are at least 7 advantages of a health spending account for businesses

These include:

1) Paying for Health Care costs using before-tax money

2) Minimizing overpayment of health care related taxes to Canada Revenue Agency

3) Eliminate or minimize employees&’ out-of-pocket health care expenses

4) Quick reimbursement for out-of-pocket expenses to owner-employees, employees,and dependents

5) Providing access to virtually unrestricted health care services

6) Spending 30-40% less than on health benefits than the equivalent salary increase

7) Improving employee satisfaction and retention. It is a fact that 50% of employees prefer health benefits vs. the equivalent salary increase (SOURCE: Health Canada 2009 study)

In today’s competitive business environment is it any wonder why most Canadian businesses are beginning to see that a Health Spending Account is as essential as a bank account.