Exploring Defined Contribution Health Plans with Steve McEwen
In this episode of 'Financial Planning for Canadian Business Owners,' host Jason Pereira welcomes Steve McEwen from My HSA to discuss defined contribution benefits programs, specifically Health Spending Accounts (HSAs) in Canada. They delve into the differences between traditional benefits programs and HSAs, the flexibility and advantages of HSAs, and the insurance options that can be layered with these accounts. McEwen provides insights on setup, costs, and the use of technology to manage claims, fraud prevention, and the overall benefits for both employers and employees.
00:00 Introduction to Financial Planning for Canadian Business Owners
00:25 Understanding Health Spending Accounts (HSAs)
01:39 Comparing HSAs to Traditional Benefits Programs
04:34 Catastrophic Insurance and Additional Coverage Options
07:52 Privacy and Legal Considerations for Employers
10:39 Setting Up and Administering HSAs
17:14 Cost and Tax Implications of HSAs
23:37 Employee Experience and Fraud Prevention
28:54 Conclusion and Final Thoughts
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