Tickets? Money? Passports? Have you got everything for the coming Canada Day long weekend? While many Canadians will be laying low this year with the price of gas, I myself will be making my annual trip to see friends and family abroad, at a significant premium over last year. Like many small business owners, I have a personal out-of-province travel policy to take with me. What many people don’t know is that these policies are an eligible expense from a Health Spending Account!
That’s right! You can sign-up for most group medical travel plans and the premium can be claimed from your HSA, similar to a private group insurance plan like Manulife’s Cover Me or similar products from Blue Cross. I have Travel Assist, a product from Benecaid and ETFS. It provides me with out-of-province medical and emergency sickness for up to $5 million of coverage per trip per person and a $75,000 referral benefit to cover medical and transportation costs in excess of provincial coverage. Even better, it provides coverage for trip cancellation and lost baggage! Having a travel policy is essential when leaving your province and given the nominal cost, every Canadian should be investing in this type of overage, especially during the busy summer travel months.
Since it is an eligible expense from my HSA, the premiums are paid with tax-free money making it even more affordable! If you have an HSA, or are considering one, be sure to add a travel policy, you won’t regret it. Bon Voyage!