BeneFitsMyWay

What BeneFitsMyWay does

BeneFitsMyWay is a Canadian Health Spending Account (HSA) administrator headquartered in Calgary, Alberta, founded in 1998 and operating as a wholly owned subsidiary of AGA Financial Group since 2021. The company sells a tax-advantaged employee benefits product to incorporated Canadian small and medium businesses (outside Quebec), enabling employers to reimburse employees for eligible health and dental expenses through pre-tax corporate dollars. Its technology stack consists of a web-based portal for plan administration, online enrollment, and savings/claims calculators, paired with a proprietary iOS and Android mobile app for receipt capture and claims submission. Reimbursements are processed within 2-3 business days, with electronic direct deposit available to waive manual cheque fees.

The business operates a pay-per-use model: a one-time $295 setup fee per company plus a 10% admin fee per claim, with no monthly premiums, no annual fees, and no per-employee charges. Optional add-on insurance products — Travel & Major Medical, Guaranteed Critical Illness, and Diagnostic & Specialist Access — generate recurring subscription revenue on top of transaction-fee economics. The company also offers a Taxable Wellness Account and a Hybrid Account combining HSA and wellness allocations. Go-to-market combines direct self-serve online registration and phone sales with a Broker Affiliate Program targeting insurance brokers and financial advisors, plus a $250 client-referral program. BeneFitsMyWay serves over 5,400 SMB customers across professional services, financial services, energy, engineering, construction, agriculture, and other verticals with a lean team of approximately 10 employees, and operates within AGA Benefit Solutions' broader benefits consulting, third-party administration, and claims-payment portfolio.

Name

BeneFitsMyWay

Legal name

BeneFitsMyWay

Website

https://benefitsmyway.ca

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

1–10 employees

Short description

BeneFitsMyWay is a Calgary-based HSA administrator, wholly owned by AGA Financial Group, that enables incorporated Canadian small businesses to reimburse employees' health and dental expenses through tax-advantaged pay-per-use Health Spending Accounts. It serves 5,400+ SMBs via a self-serve web portal, mobile claims app, and broker affiliate channel.

Ownership category

akta.pro rank

Product category

Health Benefits Administration

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Insurance Agencies and Brokerages (524210), Direct Health and Medical Insurance Carriers (524114)

SIC

Hospital & Medical Service Plans (6324), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK)

akta.pro secondary industries

Benefits Administration & Enrollment Support (BPAAAIAB), Voluntary/Worksite Critical Illness & Hospital Indemnity (Employee-Paid) (FSAIAKAF)

Keywords

• Health spending account
• Employee benefits administration
• Small business benefits
• Health benefits platform
• Group insurance alternatives

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Health Spending Account Admin Fees: 10% admin fee charged per claim submitted. No monthly premiums or annual fees. Companies only pay for claims that are actually made.
2. One-Time Setup Fee: $295 one-time setup fee plus tax per company to establish a new HSA plan.
3. Insurance Add-On Products: Optional add-on insurance products including Travel & Major Medical, Critical Illness, and Diagnostic & Specialist Access Insurance with monthly premiums ranging from $10-$180 per month depending on coverage type, age, and smoking status.
4. Taxable Wellness Account: Optional standalone employee benefit with 10% admin fee per claim. Free to add for existing HSA clients.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

BeneFitsMyWay administers Health Spending Accounts (HSAs) for incorporated Canadian small and medium businesses, allowing employers to reimburse employees tax-free for eligible health and dental expenses through a pay-per-use model. The company charges a one-time $295 setup fee plus a 10% admin fee per claim with no monthly premiums or per-employee fees, and delivers administration through a web portal and iOS/Android mobile claims app with 2-3 business day reimbursement turnaround.

Product overview

BeneFitsMyWay offers a suite of health and dental benefit solutions for Canadian small businesses, centered around a Health Spending Account (HSA) as the core product. The HSA operates on a pay-per-use model with no monthly premiums, charging only a 10% admin fee per claim. The portfolio includes a Taxable Wellness Account (TWA) as a taxable add-on and a Hybrid Account combining both. Optional insurance add-ons include Travel & Major Medical Insurance, Guaranteed Critical Illness Coverage, and Diagnostic & Specialist Access Insurance. A mobile app enables employees to submit claims electronically. All plans are available through online self-service portals with 2-3 business day reimbursement turnaround.

Differentiator

Problem solved

Functional benefit

Products and services

• Health Spending Account (HSA)

Quantifiable outcome

• Reimbursements processed within 2-3 business days
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered minor and core.

• QuikcardminorStrategic or Co-development Partner · 1 January 2026In 2026, AGA announced the acquisition of Quikcard, a known supplier of health and wellness accounts. BeneFitsMyWay clients and members will see no changes at this stage. This represents an expansion of AGA's health and wellness account business.
• AGA Benefit Solutions (AGA Financial Group)coreStrategic or Co-development Partner · 1 January 2021BeneFitsMyWay joined the AGA Benefit Solutions family in 2021 as part of AGA's acquisition of the original parent company. AGA Benefit Solutions, founded in 1978, is a leader in the Canadian benefits marketplace with scale in Benefits Consulting, Third Party Administration, and Benefits Claim Payments. The HSA business continues to grow within AGA's product portfolio.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• People Corporation: Canadian provider of group benefits, retirement, and HR solutions for SMBs. Overlaps in employee benefits administration and broker distribution for small/mid-market employers.
• GroupHEALTH Benefit Solutions: Canadian group benefits provider serving SMBs with flexible and self-funded plans. Comparable in target segment (SMB benefits) and Canadian focus.
• Benecaid: Canadian Health Spending Account provider for small businesses and sole proprietors. Directly comparable product offering, target customer, and pay-per-use revenue model.
• ClaimSecure: Canadian third-party benefits administrator specializing in health, dental, and HSA claims processing. Directly comparable as a TPA with Canadian SMB focus.

Others

• Hub International: Large Canadian/global insurance brokerage that distributes SMB group benefits products. Comparable as a distribution channel/Broker Affiliate Program counterparty for BeneFitsMyWay.

Broad incumbents

• Manulife Financial: Major Canadian life and health insurer with extensive group benefits offerings for SMBs. Comparable in benefits administration and Critical Illness products.
• Pacific Blue Cross: Canadian health and dental benefits provider serving BC and other provinces. Comparable benefits administration and group plan offerings for SMBs.
• GreenShield Canada: Major Canadian health benefits carrier offering health, dental, and benefits administration. Overlaps as a benefits provider for SMBs and a TPA competitor.
• Canada Life: Major Canadian group benefits carrier offering health, dental, and disability coverage for businesses. Comparable SMB benefits offering and product portfolio.
• Sun Life Financial: One of Canada's largest insurers and benefits providers. Competes via group benefits and digital health offerings and serves as a parent in the broader Canadian benefits ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/benefitsmyway

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BeneFitsMyWay