Private Health Services Plan Process (Claims, Enrolled, Hsa, Olympia, Sign up)

What Are The Different HSA Plans Offered By Olympia

HSA Plus – Designed for an incorporated family business where the owner and spouse are the only employees, it’s a comprehensive product that includes travel medical insurance, emergency medical insurance and catastrophic drug coverage.  Dependents are included.

  • Max Two Employees(business owner/spouse)
  • Includes Dependants
  • $499 annually
  • For Ontario residents, there is a 2% premium tax on the amount of the claim
  • Write off medical expenses
  • Online claims
  • 100% coverage
  • Bonus Travel Insurance
  • Bonus Emergency Insurance
  • Bonus Catastrophic Drug Insurance
  • All fees are paid through Stripe or the client’s online banking service.
  • Taxes are levied on all fees where applicable.

HSA Basic – a modification of the HSA Plus and designed for an incorporated family business where the owner and spouse are the only employees; this product does not include travel medical insurance, emergency medical insurance or catastrophic drug coverage. Dependents are included.

  • Max Two Employees(business owner/spouse)
  • Includes Dependants
  • $249 annually
  • For Ontario residents, there is a 2% premium tax on the amount of the claim
  • Write off medical expenses
  • Online claims
  • 100% coverage
  • All fees are paid through Stripe or the client’s online banking service.
  • Taxes are levied on all fees where applicable.

HSA Group – this is a health spending account for incorporated businesses with arm’s length employees. This plan does not include any insurance coverage, however insurance may be purchased as a separate add-on to the basic plan.

  • $335 setup (One Time Fee)
  • $40 per employee (One Time Fee)
  • $99 annual fee (Ongoing Fee)
  • 8% per claim (Ongoing Admin Fee)
  • For Ontario residents, there is a 2% premium tax on the amount of the claim

How Does A Claim Work?

  • Step 1 — Pay for your medical expense (let’s say with your personal credit card). (Pay provider $1,000).
  • Step 2 — Login to your HSA account with Olympia and submit the details of your receipt online. You hold on to the original.
  • Step 3 — Make a payment from your corporation for the amount of your expense). (Pay the Administrator $1,000 from your corporation)
  • Step 4 — The Administrator reimburses you personally for your original personal expense. A direct deposit of $1,000 will be made to your personal bank account.

* The corporation will be charged, depending on which plan used, either a 2% premium tax on the amount of the claim (HSA Plus and HSA Basic) or an 8% ongoing admin fee per claim, plus the 2% premium tax on the amount of the claim (HSA Group).

The payment from your corporation to the administrator is 100% tax deductible.

The reimbursement you receive from the administrator is 100% tax free.

What Is The Maximum Annual Benefit Limit That An Employee Can Have?

HSA Plus – the maximum annual limit is $15,000 per enrolled employee.

HSA Basic – the maximum annual limit is $15,000 per enrolled employee.

HSA Group – the maximum annual limit is $15,000 for employees of a corporation. Olympia has a ratio of 10:1 in place to ensure fairness between the employer and their employees; the maximum annual limit afforded to any employee cannot be more than 10 times the annual limit afforded to the lowest classification of employee.

How Many Employees Can Be Enrolled Under An HSA Plan?

HSA Plus – must be a family business with a maximum of 2 employees who are owner and spouse.

HSA Basic – must be a family business with a maximum of 2 employees who are owner and spouse.

HSA Group – unlimited

What Is The Cancellation Policy?

Olympia offers a full refund within the first 10 days of your sign up date if no claim has been submitted.

What Happens After I Sign Up?

You will receive an email from Olympia that includes your receipt, customer account information and login credentials, and a handy step- by-step guide on your new purchase.

How Long Will It Take To Get My Money Back?

Your claim will be reviewed and processed within 24 hours.  Reimbursement to your personal bank account will take 2-3 business days after the review.

Can My Remaining Amount Be Rolled Over Into The Following Year?

In a typical HSA, each classification of employee will receive a spending account with a predetermined limit for each plan year.  The unused portions of the spending account can rollover into the following plan year.  At the end of the second plan year, any unused portions from the first plan year are forfeited – meaning access to that benefit cannot be used.

Unused benefits carry forward for only one year (12 months). Olympia handles the roll over automatically and tracks the current and prior balance separately.

Claims incurred in the second year are paid from the prior year’s unused balance first; this reduces the risk that this balance is lost.

How Far Can The HSA Plan Be Backdated?

HSA Plus – the earliest the plan can be made effective is the date the application is completed and paid for online.

HSA Basic – the earliest the plan can be made effective is the date the application is completed and paid for online.

HSA Group – the earliest the plan can be made effective is the first of the month in which the application is completed and approved. Insurance plans (if purchased) have varied effective dates in accordance with policy guidelines. See the Plan Guidelines for full details.

What Is The Year End Of An HSA Plan?

HSA Plus – the year end is one year from the effective date, less one day (the plan renews on the same day each year).

HSA Basic – the year end is one year from the effective date, less one day (the plan renews on the same day each year).

HSA Group – any day can be chosen; this is selected by the client.

How Soon After Signup Are Benefit Packages Sent Out?

HSA Plus – upon a successful setup process, an email confirmation is issued which includes a starter guide and personal login credentials. All plan information and details are available to the client through their personal portal of MyOlympia.

HSA Basic – upon a successful setup process, an email confirmation is issued which includes a starter guide and personal login credentials. All plan information and details are available to the client through their personal portal of MyOlympia.

HSA Group – packages are emailed to the client; they are not mailed out. All employees and Benefit Coordinators may access details and enact Various updates to their plan at any time through their personal portal of MyOlympia.

How Are HSA Plans Renewed?

HSA Plus – annually renewed by the credit card established in your Stripe account.

HSA Basic– annually renewed by the credit card established in your Stripe account.

HSA Group – not subject to a renewal fee and therefore continues indefinitely

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