A Kibono Health Spending Account – HSA – enables Canadian small-businesses to transform employee Drug, Dental, Optical and Medical expenses into tax-deductible claims. An HSA is a cost-effective alternative to a traditional group benefits plan as HSA claims have no impact on your insurance premium, unlike traditional health plans that bundle routine benefits with health…
Employers setup a free Kibono Health Spending Account – HSA – to turn their routine employee medical costs into a 100% tax-deductible business expense. An HSA provider, like Kibono is required to review, approve and reimburse employee claims on behalf of the employer. Kibono charges the employer a fixed-fee per claim for administration services as…
All Canadians have access to universal health care under their provincial medical plan such as Ontario Health Insurance Plan – OHIP – for those residing in Ontario. This means any medical expense where your provincial health card is required for services is covered by the government. This includes but is not limited to visits to…
No, they are completely different yet most Canadians conflate the two. Health benefits or extended benefits, relate to routine Drug, Dental, Optical and Medical expenses. Think prescription drugs, glasses, dental check-ups and massages. Health insurance refers to risk-based products purchased to protect oneself against unforeseen catastrophic events such as death, disability, illness or emergency hospital…
Yes! A Kibono Health Spending Account – HSA – is 100% tax-deductible for businesses and all employee claim reimbursements are received tax-free. Every dollar you, your employees and their families claim with a Kibono HSA is used to reduce your taxable business income each year. With an HSA the total claim amount plus any associated…
A Kibono Health Spending Account – HSA – covers every personal medical expense deemed eligible by the Canada Revenue Agency, including prescription drug, dental, optical and medical costs. This list is far more extensive and flexible compared to extended-benefits offered by traditional group health plans which often restrict what you can claim and how much…
No, but Kibono strongly recommends purchasing one or more health insurance products for you and your employees such as Life, Disability, Critical Illness or Emergency Medical to supplement your Kibono HSA for complete and comprehensive health coverage. HSAs are only for routine medical costs like prescription drug or dental costs and do not cover any…
Insurance products such as Life, Disability, Critical Illness and Emergency Medical can be purchased independently to supplement your Kibono Health Spending Account – HSA -. These insurance products are quoted separately from the fixed-fee per claim associated with your Kibono HSA. Since the cost of a Kibono HSA is separate to insurance, your premiums will…
Your Kibono Health Spending Account – HSA – is only for routine Drug, Dental, Optical and Medical claims. Kibono is only a benefits administration company and therefore do not underwrite any catastrophic related policies or contracts. Any insurance-related claims must be sent directly to the insurer that Kibono has set you up with. The insurer…