Offering competitive health benefits has become essential for attracting and retaining talent—but for some Canadian small businesses, traditional group insurance plans are not always the right solution. A Health Spending Account (HSA) from BeneFitsMyWay provides an alternative that gives employers cost control and employees meaningful, personalized coverage.
If you’re looking for a flexible, tax-efficient way to offer health and dental benefits in Canada1, here’s why a BeneFitsMyWay HSA from AGA Benefit Solutions stands out.
What Is a Health Spending Account (HSA)?
A Health Spending Account allows incorporated Canadian businesses to use company funds to reimburse employees for eligible medical and dental expenses under Canada Revenue Agency (CRA) guidelines. These reimbursements are:
- 100% tax free for employees
- 100% tax deductible for the corporation
Unlike traditional insurance, an HSA does not restrict employees to predefined coverage categories. Instead, employers set annual spending limits, and employees choose how to use their benefit dollars—making HSAs one of the most flexible employee benefit solutions in Canada.
Four Key Benefits of a BeneFitsMyWay Health Spending Account
1. Predictable Costs With No Monthly Premiums
One of the biggest advantages of an HSA is its pay-per-use model. There are:
- No monthly or annual premiums
- No rate increases
- No unused premiums
Employers pay a one‑time setup fee and a small administration fee only when claims are submitted. If no claims are made, there are no ongoing costs. This makes budgeting simple and predictable—especially for small and growing businesses. See the example below:
2. Flexible Coverage Employees Actually Use
A major reason HSAs are gaining popularity in Canada is employee choice. BeneFitsMyWay HSAs cover hundreds of eligible expenses, including:
- Prescription drugs
- Dental and orthodontics
- Vision care
- Massage therapy and physiotherapy
- Chiropractic and naturopathic services
- Fertility treatments and diabetic supplies
An HSA lets each person allocate their benefit dollars based on their personal and family needs—boosting satisfaction and perceived value.
Optional add‑ons—such as insured benefits or taxable wellness accounts—can also be layered in to create a more comprehensive benefits strategy without going for a full-fledged plan, if you’re not ready yet.
3. Fast, Simple Claims With Minimal Administration
BeneFitsMyWay offers:
- A user-friendly online portal
- A mobile app for quick claim submission
- Claims processed in as little as 2–3 business days
Employees can submit claims in seconds. For employers, plan administration is simple and streamlined, with no complex paperwork or ongoing management burden.
4. Designed for Canadian Incorporated Businesses
BeneFitsMyWay Health Spending Accounts are built specifically for incorporated or limited businesses in Canada (outside Quebec). Whether you’re a sole owner, professional corporation, or a growing company with employees, an HSA can scale with your business.
Why BeneFitsMyWay?
After reading the above, you’re now convinced an HSA is what makes sense for your business. But why should you go with BeneFitsMyWay?
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Our track record: Since its inception in 1998, BeneFitsMyWay has processed more than $300 million in claims for more than 5,400 small and medium-sized businesses nationwide.
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By Canadians, for Canadians: Founded in the Rockies, BeneFitsMyWay has built a trusted reputation as a leader in Canada’s HSA marketplace. Furthermore, in 2021, BeneFitsMyWay joined the AGA Benefit Solutions family as part of AGA’s acquisition of its original parent company. The Health Spending Account business has since continued to grow within AGA’s product portfolio as the company supported and helped refine BeneFitsMyWay’s approach and customer service mentality.
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Hear it from our customers: Employers choosing BeneFitsMyWay are enthusiastic about how an HSA is suited to their business model. Simon from Fiscal Sense Financial Services, a Calgary-based firm, shares its positive experience with BeneFitsMyWay: "I found the customer service to be excellent with BeneFitsMyWay. They’re great with answering any questions I have. I would recommend them to any business owners.”
Is a Health Spending Account Right for Your Business?
If you want to offer competitive health and dental benefits without long term commitments, monthly premiums, or administrative complexity, a BeneFitsMyWay Health Spending Account is a smart place to start.
You can find out more through our dedicated website, contact our product team via phone or email, or even buy the product right now. Either way, we’re here to help.
It’s benefits—your way.
1 This product cannot be offered in Quebec due to different tax laws.