The health industry is well-known for being a uniquely confusing concept in many ways. Whether you work in the health industry, utilize it for your personal care or both, there is typically some sort of hoop you must jump through at one point or another to get things taken care of. The last thing you want to have to concern yourself with on top of all your other duties is accounting for the health industry in Edmonton. The good news is there are specific services available that can help you tend to the following types of accounts.
FSA
FSA stands for flexible spending arrangement or flexible spending account. Your employer will grant you this type of health account. You gain a bit more freedom with this type of account than you do with other employer-granted health accounts, including the ability to put money into your account yourself. However, you don’t own the account; your employer does. Still, you may find it useful to seek out services for accounting for the health industry in Edmonton to help make good investment decisions.
HRA
HRAs are also referred to as health reimbursement arrangements or health reimbursement accounts. Like FSAs, this type of health account can only be obtained through one’s employer. It grants your employer the ability to deposit money into your account, as well as ownership of it.
HSA
An HSA is also known as a health savings account. They tend to be available only to those who have directly purchased their health insurance. When you have an HSA, you must create a report for it during tax time, as well as possess a health plan with high deductibles. Because the account fully belongs to you, you and your employer can deposit money into it as you need. Utilizing services for accounting for the health industry in Edmonton can make managing this account easier.
To learn more about accounting for the health industry in Edmonton, get in touch with Strategists by calling 000-482-0000 or visit at Strategists Inc.
