Why is enVia popular as an alternative to traditional Group Insurance Programs?
The enVia Health Spending Account (eHSA) Program is a “private health services plan” as defined under the Income Tax Act’s Interpretation Bulletin IT-339R2. It is not insurance, rather a tax effective method of covering health and dental expenses on an affordable basis. It enables self-employed individuals and contract employees to secure medical and dental benefits in a more cost controlled manner than under a traditional group insurance program, which normally has minimum participation requirements based on group size and required employer cost sharing. The eHSA Program is available on an individual basis. It can be utilized to meet all or most of an individual’s needs for health and dental protection under an individual “private health services plan” (PHSP) per Interpretation Bulletin IT-339R2.
