Insurance policy getting you down? There are always sound insurance alternatives.
Latest News
The Canadian Dental Care Plan is now available to millions more, with coverage starting in June. Here's who's eligible + MORE Jun 1st
The dental plan, currently in its second year, will be available to many Canadians 18 and over, including their children, with eligibility based on household income, insurance and other factors..... More »
How to negotiate a job offer to get better benefits Jun 5th
Not all workplace benefits plans are created equal. Experts say it’s important to understand what’s in the plan before signing a contract at a new job, and whether there’s room to negotiate some extra perks better tailored to your life.
“Sometimes, benefits programs can seem really bright.... More »
The best travel credit cards in Canada for 2025 May 8th
To be one of the best travel credit cards in Canada on our list, the card must combine strong earn rates with perks like lounge access, no foreign transaction fees and travel insurance coverage. We’ve compiled this list of the top cards in this category to help you get started.
Best travel cred.... More »
RRIF and LIF withdrawal rates: Everything you need to know Jun 25th
At some point, a registered retirement savings plan (RRSP) is typically converted to a registered retirement income fund (RRIF). The latest you can defer the conversion of your RRSP to a RRIF is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either wit.... More »
Going on vacation? Here’s how to keep your home safe + MORE Jul 3rd
As summer kicks into high gear, many Canadians are planning to head out of town for a vacation, whether it’s a weekend at the cottage or a month-long tour of Europe. But getting that rest and relaxation can bring a new source of stress.
According to a Leger survey conducted for Allstate Insuran.... More »
Understanding Health Care Spending Accounts (HCSAs)
– life-insurance-quotes.ca
In Canada, Health Care Spending Accounts (HCSAs) have become a popular benefit offered by many employers. These accounts offer employees a flexible, tax-efficient way to manage health-related expenses such as dental, prescription drug and paramedical costs.
Let’s discuss what HCSAs are, how they work, and why they are a great addition to group benefit plans.
What is a Health Care Spending Account?
An HCSA is an employer-funded account that reimburses employees for eligible health and dental expenses that are not covered by either their provincial health insurance or private group benefit plans.
These HCSAs offer a high degree of flexibility and control over how health care money is spent, and are especially useful when it comes to covering expenses that are not 100% covered.
How Do Health Care Spending Accounts Work?
HCSA accounts are actually very simple. Each employee gets a pre-determined amount of money on an annual basis which can be spent on a wide range of eligible expenses, such as:
Prescription drugs
Dental care (e…
