Sabre Strategic Partners is excited to announce that we have partnered with one of Canada’s largest trust companies, Olympia Benefits Inc. (http://www.olympiabenefits.com/) to provide all on-going Health Spending Account services. This will mean transitioning away from our current MEDdirect PHSP system and platform (as of December 31, 2017).
Olympia is Canada’s market leader in Health Spending Accounts since 1996 and process more than 85,000 claims per year. Here are some reasons why you will love having an HSA with Olympia:
- Transparency – Employees know the dollar amount available for the benefit year
- Flexibility – No restrictions, no co-payments, no specific practitioner dollar, service or visit limitations
- Responsiveness – Used when and where by the employee on demand
- Effective – Employee managed
- Equitable – Equally distributed among employees. Each employee has control of their individual account and the flexibility to use HSA money as they wish for eligible benefits. The employee chooses how to allocate their dollars as needed for themselves and family members. Employees can focus their health spending account on their specific needs. A HSA allows employees to make choices, HSA’s serve the individual and family vs the group. There is no confusion about what can be claimed and what cannot be claimed. All the employee has to do is check their available HSA balance to know their available claiming limit, then file their claim.
- Ease of Claim – Olympia provides a 100% convenient, fast and secure digital online platform. Employees are able to sign up, claim, receive reimbursement and edit all online
- Peace of mind – The Olympia HSA is legal in Canada as it adheres to the specific HSA guidelines and is in accordance with the conditions set forth by the CRA.
- Enjoy the Tax Savings – The Olympia HAS your corporation to reimburse you for out-of pocket medical expenses. The reimbursements are 100% tax free to you and 100% tax deductible for your company. Basically, you get to withdraw money from your company without having to pay income tax!
While we at Sabre are excited about this change we are also aware that there may be questions during the transition to Olympia, and we are more than happy to help to make this process go as smoothly as possible. Should you have any questions about this exciting news, the transition itself, or your options please do not hesitate to contact Sabre Strategic Partners.