Affordable HSA Providers in Canada With No Hidden Fees (2026)
The most affordable Health Spending Account providers in Canada with no hidden fees include Frontier Health, Coastal HSA, Kibono, and EasyHSA. All four charge $0 to set up, have no cancellation penalties, and publish their pricing publicly. If you run a small business or are an incorporated professional looking for a low-cost HSA with transparent pricing, these are the providers worth comparing. Below, we break down exactly what each one charges, what hidden fees to watch for, and what you will actually pay on a real-world claim volume.
What Makes an HSA Provider "Affordable"?
Before comparing specific providers, it helps to know what "affordable" actually means in the HSA space. It is not just about finding the lowest percentage. An affordable HSA provider should have:
- No setup fee -- You should not pay anything to open an account.
- No prepaid deposit -- Some providers require you to deposit funds upfront before you can submit claims. That is your money sitting in someone else's account earning them interest.
- No per-employee enrollment fee -- Adding employees should be included, not an extra charge.
- No cancellation penalty -- You should be able to leave at any time without paying a fee.
- Clear per-claim pricing -- The fee you pay on each claim should be spelled out plainly. No "contact us for a quote" runaround.
The best affordable HSA providers use a pay-as-you-go model: if nobody submits a claim, you pay little or nothing. That is the opposite of traditional health insurance, where you pay premiums every month regardless of whether anyone uses the plan.
For a deeper look at how HSAs compare to insurance on cost, see our HSA vs traditional health insurance comparison.
Provider Comparison: Pricing at a Glance
Here is a side-by-side comparison of the most affordable Canadian HSA providers with transparent, no-hidden-fee pricing in 2026:
| Provider | Setup Fee | Annual Fee | Per-Claim Fee | Deposit Required? | Cancellation Penalty |
|---|---|---|---|---|---|
| Frontier Health | $0 | $120/yr (solo) or $450/yr (staff) | 8% (solo) / 5% (staff) | No | None |
| Coastal HSA | $0 | $0 | 6% | Yes -- 10% refundable deposit | None |
| Kibono | $0 | $0 | $2.25 + 5.25% per claim | No | None |
| EasyHSA | $0 | $0 | 10% | No | None |
| Olympia Benefits | ~$335 | Admin fees apply | 5-10% | Varies | Check terms |
A few things stand out. Frontier Health and Kibono charge nothing to get started and have no deposit requirements. Coastal HSA has low per-claim fees, but they require a 10% refundable deposit on your annual plan amount. EasyHSA keeps things dead simple with a single flat 10% fee. Olympia Benefits is one of the more established providers, but their setup fee and admin charges push them into a higher cost bracket.
Hidden Fees to Watch Out For
The HSA market in Canada has gotten more competitive, which is good for business owners. But some providers still tuck extra charges into the fine print. Here are the most common hidden fees:
Setup fees -- Some legacy providers charge $200-$500 just to open your account. Every provider in our comparison above charges $0 except Olympia Benefits (~$335).
Annual administration fees -- Separate from per-claim charges, these are flat fees charged yearly whether you submit claims or not. Watch for these in addition to advertised per-claim rates.
Per-employee enrollment charges -- Some providers charge a fee each time you add a new employee to the plan. This adds up quickly if you have turnover.
Prepaid deposits -- Coastal HSA requires a 10% refundable deposit on your annual benefit amount. While you do get it back, that is still money tied up that could be in your business account.
Minimum annual spend -- A few providers require you to submit a minimum dollar amount in claims each year, or they charge a fee to make up the difference.
Cancellation penalties -- Some older providers lock you into 12-month contracts. If you leave early, you pay a penalty.
Tied selling -- Watch for providers that bundle HSA administration with other products like insurance, requiring you to buy the package rather than just the HSA.
The simplest way to avoid hidden fees: if a provider does not publish their full pricing on their website, ask for a written fee schedule before signing up. If they won't give you one, move on.
Cost Comparison: What You Actually Pay
Numbers on a table are helpful, but what matters is total cost. Let's walk through what each provider would charge on two common scenarios.
Scenario 1: Solo Incorporated Professional, $5,000 in Annual Claims
This is a typical year for a consultant, freelancer, or one-person corporation -- a mix of dental, prescriptions, vision, and a few therapy sessions. Here is what each provider would charge in total fees on $5,000 of approved claims:
| Provider | Annual Fee | Claim Fees | Deposit Held | Total Annual Cost |
|---|---|---|---|---|
| Frontier Health | $120 | $400 (8% of $5,000) | $0 | $520 |
| Coastal HSA | $0 | $300 (6% of $5,000) | $500 (refundable) | $300 + $500 held |
| Kibono | $0 | ~$285 ($2.25 x ~10 claims + 5.25% of $5,000) | $0 | ~$285 |
| EasyHSA | $0 | $500 (10% of $5,000) | $0 | $500 |
| Olympia Benefits | ~$335 + admin | ~$250-$500 (5-10%) | Varies | ~$585-$835 |
At $5,000 in annual claims, Kibono is the cheapest on paper. Coastal HSA is also low-cost but requires $500 sitting in their account as a deposit. Frontier Health comes in at $520 with fast 24-hour claim processing included. EasyHSA is $500 but with higher per-claim rates that become more expensive as your claims grow. Olympia Benefits is the most expensive due to their setup fee in year one.
Scenario 2: Small Business (3 Staff), $15,000 in Annual Claims
Now let's look at a small business with three employees, each submitting roughly $5,000 in claims over the year:
| Provider | Annual Fee | Claim Fees | Deposit Held | Total Annual Cost |
|---|---|---|---|---|
| Frontier Health | $450 | $750 (5% of $15,000) | $0 | $1,200 |
| Coastal HSA | $0 | $900 (6% of $15,000) | $1,500 (refundable) | $900 + $1,500 held |
| Kibono | $0 | ~$810 ($2.25 x ~30 claims + 5.25% of $15,000) | $0 | ~$810 |
| EasyHSA | $0 | $1,500 (10% of $15,000) | $0 | $1,500 |
| Olympia Benefits | ~$335 + admin | ~$750-$1,500 (5-10%) | Varies | ~$1,085-$1,835 |
At higher claim volumes, the differences get more pronounced. EasyHSA's flat 10% becomes expensive. Kibono and Coastal HSA remain competitive on raw cost. Frontier Health's 5% per-claim rate for businesses with staff keeps total costs predictable.
The right choice depends on what matters most to you: lowest possible fees, fastest claim processing, or not having money locked in a deposit.
Which Provider Is Best for Your Business?
Here is a quick guide based on business type:
Solo incorporated professional (just you, or you and a spouse): Kibono or Frontier Health. Kibono edges out on pure cost if you submit fewer claims. Frontier Health is worth the slightly higher cost if you value 24-hour claim processing and a simple mobile experience.
Small business with 1-3 employees: Frontier Health or Coastal HSA. Frontier's 5% per-claim rate is competitive for businesses with staff, and the $450 annual fee is predictable. Coastal HSA is cheaper on paper, but factor in the 10% deposit requirement.
Cost-conscious business that wants zero annual fees: Kibono or EasyHSA. Both charge $0 in annual fees. Kibono wins on per-claim cost. EasyHSA wins on simplicity -- one flat 10%, no math required.
Businesses that want a well-known, established provider: Olympia Benefits. You'll pay more, but they've been around for decades and your accountant likely knows them.
For more on choosing the right provider, see our best HSA providers comparison.
Frequently Asked Questions
What is the cheapest HSA provider in Canada?
Based on per-claim fees alone, Kibono ($2.25 + 5.25% per claim, no annual fee) and Coastal HSA (6% per claim, no annual fee) are among the cheapest. However, "cheapest" depends on your claim volume and whether you factor in deposit requirements. For a solo professional submitting $5,000 in claims, Kibono's total cost is approximately $285 per year. For businesses with staff, Frontier Health's 5% per-claim rate and $450 annual fee is competitive at higher volumes.
Do HSA providers charge hidden fees?
Some do. The most common hidden fees are setup charges ($200-$500), per-employee enrollment fees, prepaid deposit requirements, minimum annual spend thresholds, and cancellation penalties. Providers like Frontier Health, Kibono, and EasyHSA publish their full pricing publicly and charge no setup fees, no deposits, and no cancellation penalties. Always ask for a complete fee schedule in writing before signing up with any provider.
Can I switch HSA providers if I find hidden fees?
Yes. Most modern HSA providers have no long-term contracts and no cancellation penalties. You can typically switch providers at any time. Your new provider will set up a fresh plan, and your employees can start submitting claims right away. The only thing to watch for is timing -- make sure any outstanding claims with your old provider are processed before you close the account. See our guide to setting up an HSA for what the process looks like.
Are all HSA providers CRA-compliant?
All legitimate HSA providers in Canada should administer plans that meet CRA requirements for a Private Health Services Plan (PHSP). However, the level of compliance support varies. Some providers handle tax remittance, fraud screening, and audit-ready documentation automatically. Others leave more of the compliance work to you. If CRA compliance is a top concern, look for providers that explicitly handle provincial tax remittance and maintain proper documentation on your behalf.
Is a no-fee HSA too good to be true?
Not necessarily. Providers that charge $0 in setup fees and $0 in annual fees make their money on per-claim percentages. That is a legitimate business model -- if nobody submits claims, the provider earns nothing, and you pay nothing. The key is to check what the per-claim fee actually is. A provider with no annual fee but a 10% per-claim rate may end up costing more than a provider with a small annual fee and a 5% per-claim rate, depending on your claim volume. Always run the math on your expected annual claims.
The Bottom Line
Finding an affordable HSA provider in Canada with no hidden fees is not hard once you know what to look for. Stick with providers that publish their pricing publicly, charge $0 to set up, and don't require deposits or long-term contracts. Then run the numbers on your expected annual claims to see which provider actually costs the least for your situation.
Every provider in this comparison covers the same CRA-eligible medical expenses -- dental, vision, prescriptions, therapy, and hundreds more. The difference is in what you pay for administration. Pick the one that fits your budget and your business, and start turning personal health costs into tax-deductible business expenses.
Ready to compare for yourself? See Frontier Health's pricing -- $0 setup, transparent fees, and 24-hour claim processing.
Related Reading
- Frontier Health's pay-as-you-go model -- How our model works