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Today’s workforce is multigenerational, with different needs and expectations of what benefit plans should offer.
Healthcare spending accounts are a great way to offer flexibility that’s tax effective, providing plan members coverage for health-related expenses not included in their plan, or to top up their group benefits.
Simple and effective, a healthcare spending account (HCSA) adds flexibility to your benefits plan. The credits in an HCSA represent federal income-tax-free dollars: $100 from an HCSA pays for $100 worth of medical expenses.
Plan members can use their HCSA to reduce out-of-pocket costs not covered under traditional benefits plans or provincial health plans, top up payment for services not covered by the benefits plan, or pay deductibles for covered services.
Health SolutionsPlus is Great-West’s innovative new approach to healthcare spending accounts (HCSAs) that uses a Visa® payment card for claims. With Health SolutionsPlus, plan members can enjoy the convenience of paperless HCSA claims, while plan sponsors benefit from cost management options and enhanced plan customization. A first for group benefit plans in Canada! Coverage amounts can be tailored to your plan, improving your cost management and customization while offering your plan members a convenient payment solution.
Our group Medical Reimbursement Plan (MRP) takes coverage one step further by providing valuable tax savings to key plan members, such as managers or executives.
With a $5,000 or $10,000 per year maximum for each plan member, an MRP covers the cost of expenses, including: deductibles and coinsurance, prescription drugs, glasses and contact lenses, physiotherapy and chiropractic treatment and devices used to assist people with disabilities.
We have specialists around the country who can help develop solutions that fit your needs.