David Imrie

There’s a lot to consider when investing in health insurance and sometimes it can be unclear where to start. Your small business may not have the resources for traditional group health plans, so you’ve started looking for other, more affordable options. Perhaps you’ve heard of a Health Savings Account (HSA) but you’re not sure if it’s right for your company. Regardless, it’s important that you offer your employees some type of health benefits

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Before deciding which route to move forward with, it’s important to take the time to consider your options. Is an HSA in Canada the right option for your business? Read on.

Is Your Business Small?

Of course, larger companies have more resources and finances to invest in health insurance. Smaller businesses don’t have that luxury. Instead, battling for affordable group health plans is what most business owners have to deal with. If you’re finding yourself at a dead end, it might be time to consider an HSA.


An HSA in Canada is perfect for small businesses thanks to its flexibility in coverage and controllability in costs. As the business owner, you have complete control over how much money is allocated to each employees health spending, ensuring your budget is always considered before a premium increases.

Are You Looking for Affordable Coverage?

Unfortunately, health insurance is expensive! While 65 percent of Canadians have some form of health insurance provided by their employers, the average Canadian still spends over $2,000 on health care costs annually. For employers, health insurance for each employee can easily be one of the biggest expenses their company faces.

Investing in an HSA in Canada leads to coverage that’s affordable for differing business needs. No longer will you have to worry about the rising cost of premiums, you get to set the limits. No one can change the fees but you.


To further create savings, an HSA in Canada is completely tax free. Unlike traditional benefits plans, premiums are paid with after-tax funds, meaning depending on where you’re located, you can save anywhere from eight to 13 percent. Don’t forget, your HSA in Canada is also a tax-deductible expense, meaning when tax time comes, you can make a claim.

Do You Need Flexible Coverage?

With traditional insurance plans, all employees receive the same amount of coverage unless multiple benefits packages are offered depending on seniority. This means many employees receive coverage they don’t need and will never use, while others are left spending money out of their own pocket for expenses that aren’t covered. It’s difficult paying so much money for coverage that doesn’t meet everyone’s needs.


If you want to provide your employees with flexible coverage that covers any CRA-approved medical expense, an HSA might be right for your business. Once you allocate a “budget” to each employee’s health spending account, they’re free to file a claim on any expense they need. While younger employees may need braces, your older staff members might need physiotherapy or dentures.


Regardless of the needs, each employee has the freedom to file a claim for any medical expense that arises. On top of that, an HSA can be combined with traditional insurance plans to cover any gaps your employees and their families may face.


Now that you know the ins and outs of an HSA in Canada, it’s time for you to decide if it’s right for your business. If the coverage and benefits sound right to you, don’t hesitate and apply online today!


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David Imrie

Dr. David Imrie founded RHSA Canada in 2009. Dr. Imrie is a medical doctor and former health insurance professional who has a passion for helping small businesses reduce their healthcare costs. As an executive in the insurance industry, he was shocked to find that so many common healthcare services are covered only partially by most insured plans, when employees were entitled to 100% coverage for all prescription drugs, dental services, and other healthcare expenses. Since leaving the insurance industry in 2001, Dr. Imrie committed to using newer technology to develop a better alternative program for small business health benefits.
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