Thinking about switching Health Spending Account (HSA) providers? There are a few reasons why customers decide to switch to us, but perhaps not surprisingly the most common ones are cost and tax law compliance. Simply put, we offer the cheapest HSA in Canada, and we check all the boxes when it comes to CRA rules and provincial tax law so that you don’t have to.
Thankfully, if those reasons resonate with you as well, switching your HSA plan to EasyHSA is entirely painless. Simply fill out our standard HSA Account Registration Form and let us know which option you would prefer:
Option 1: wait until year-end
You can start your new HSA plan with us once your old plan comes to an end.
You can choose to renew with us when your current HSA plan year ends, rather than renewing with your existing HSA provider. Since we have no sign-up fees, no dormant account fees, and no other hidden fees, you can sign up with us as far in advance of your switch date as you would like. Your plan with us will start the day after your existing plan ends. You can also choose to keep the major features of your existing plan structure if you would like (such as maximum benefit levels and employee class structure), although we will vet it for any potential issues. Alternatively, you can take this opportunity to make changes to your HSA plan structure.
Option 2: switch immediately
You can start your new HSA plan with us immediately, regardless of your existing plan’s year-end date.
Why wait and continue paying unnecessarily high fees or exposing yourself to tax risk? You can switch HSA providers effective immediately, and simply discontinue submitting your healthcare receipts to your existing plan. Instead, you can submit receipts to us and take advantage of our lower administration fee. In fact, if you take this option you can also choose to submit receipts to us that occurred earlier in your current plan year as long as they have not already been submitted to your existing provider. Even though your existing HSA plan may technically still be in place, you have no obligation to continue submitting health receipts to them, and any annual plan fees are already a sunk cost that cannot be recouped.
Importantly, if you decide to switch HSA providers before your current plan year comes to an end, you are required to keep your existing plan structure in place for the remainder of the current plan year. This includes employee classes and maximum benefit levels but does not include fee structure (you can take advantage of our 5% administration fee instead). To ensure that you and your employees do not exceed your current year maximum benefit, you will need to inform us of how much you and your employees have already used of your benefits in the current year. Once the current plan year comes to an end with us you can make modifications to the structure of your HSA plan.
Ready to switch HSA providers?
Click here to fill out our web form, and we’ll reach out to you by email to answer any remaining questions that you have as well as to provide you with our account registration and agreement form. It is free to sign up, you only pay for what you use, and you can cancel anytime without penalty or other consequence. At the end of each month you will receive a receipt for your plan’s monthly usage that you can use as a regular business expense in your corporate income tax return.
I was looking for the list of the covered services (expences) under your HSA and couldn’t find it.
Can you please send me this list (was is covered and what is not)?
Coverage under Heath Spending Accounts in Canada is dictated by Canadian tax law, so HSA providers should not differ in what expenses qualify. HSAs can be used to pay for a very wide range of health and dental services and supplies, this includes everything that would otherwise be covered under the Medical Expense Tax Credit (METC) on your personal income tax return. Common expenses include dental care and orthodontics, prescription contacts and eyeglasses, prescription drugs, and allied health care services including Physiotherapy and Chiropractic. Roughly speaking, any non-cosmetic service provided by a Regulated Health Professional authorized to practice in the jurisdiction where you received care would qualify. I will reach out to you with our benefits guide which lists many of the services and supplies covered.