Health Benefits

Gain the financial security extended healthcare coverage brings.  Out-of-pocket expenses add up quickly.  You know that if an accident or illness were to occur, the additional healthcare expenses could leave you financially vulnerable.  As a Business Owner, you receive TAX BENEFITS as premiums or deposits can be paid with your business income and then deducted as a business expense.

You have TWO options to access a World of Health Services

Option One:
Insured Health and Dental Benefit Plan

Take advantage of the affordable, comprehensive coverage offered by Manulife Financial, The Association Health & Dental Plan. With eight levels of protection to choose from, you’ll pay only for the coverage you need.

What’s covered?
• Prescription Drugs
• Accidental Dental Care
• Dental Care
• Medical Equipment
• Hearing Aids
• Homecare and Nursing
• Survivor Benefit
• Vision Care
• Travel
• Lifeline® Personal Response Service and PVS Preferred Vision Services

• Acceptance is guaranteed for most plans – The Base Plan requires no medical questionnaire, nor do any of the four Dental plans.
• Preferred rates – Couples and families with three children or more receive special rates.
• Hassle-free claims submission –  Drug and dental claims can be processed automatically by presenting your benefit card for fast, convenient claims submission; so you keep money in your pocket.
• No waiting period - Unlike many other plans, there is no waiting period before coverage becomes effective.  Your benefits start on the first day of the month following approval.
• Fast, convenient claims submission - Your Benefit Card makes it easy for most prescription drug and dental claims to be processed for you electronically so you keep money in your pocket.


 Option Two:
Health Spending Account

A Health Spending Account is an account that is established exclusively to pay for healthcare services for you and your financially dependent family members.  Your contribution is 100% tax deductible for your business, and a tax-free benefit to you when you incur healthcare expenses.

An HSA is a great alternative - or supplement - to a traditional employee health benefits program. Unlike traditional plans, which often include items that you or your employees don’t want or need, a Health Spending Account allows you and your employees to choose which healthcare services you want to use and to fund through your benefits dollars.
 
How it Works:
A business owner deposits funds into the Health Spending Account for themselves, or on behalf of their employees. The funds are deposited on a pre-tax basis, which means the account holder does not pay income tax on any amounts deposited in the account. Deposits can be made on a monthly, quarterly or annual basis, allowing you to plan your spending and offering budget certainty.  When an HSA holder incurs an expense for an eligible healthcare service (CRA approved), they then submit the expenses to the administrator of the HSA, and the funds are reimbursed to the account holder.
 
Why use a Health Spending Account?
By setting up an HSA and submitting your healthcare expenses to be reimbursed from your account, you save 35% or more on your healthcare expenses because you are using pre-tax dollars.

But what about protection against the unexpected?
You could choose to add on a drug and catastrophic health insurance plan that can be purchased through your Health Spending Account.  You have protection from unforeseen catastrophic loss due to accident or illness, drug coverage of up to $100,000 per family ($25,000 for an individual), Accidental Dental Care, Private Duty Nursing, Semi-Private Hospital Care and more.  Starting from as low as $50/month for a single to $75/month for a family of 4, the optional insurance gives you the peace of mind that comes with knowing you are protected against the unexpected.
 
What are the administrative costs?  There is an admin fee of 10%, plus taxes, on your monthly payment, plus an annual HSA maintenance fee of $95.
 
For further details, please contact Barbara Fuller CFP, CHS, CPCA, Fuller Financial Group at barb@fullerfinancialgroup.com or call (905) 631-6599.