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                                Plan Specifics

Costplusbenfits.ca is a Private Health Service Plan (PHSP), that reimburses employees for  medical expenses

 

    How It Works

Costplusbenefits.ca will send a tax-free reimbursement cheque for the amount of the receipts to the employee. An invoice would then be issued to the company for the amount of all employee receipts are added, an administration fee and a provincial Premium Tax.

 

    Tax Treatment

Invoices paid by the company are a business expense, and a non-taxable benefit to the employee. For corporations, there are no annual limits. There are maximums for sole proprietors and partnerships with other employees.  

 

    What YOU Can Decide On!

Employers can use flexibility with their Cost Plus program. The co-insurance percentages, annual limits, classifications and frequency of claims submissions are all up to the owners. Those employees are subject to a maximum of $1,500 for the individual, plus $1,500 for the spouse and $750 for each eligible child per annum.

 

    Flexibility and Speed are KEY

 You can submit your claims monthly, bi-monthly, or semi-annually. We arrange for speedy deliveries of all packages. From the time of submission of the claims, a cheque can be returned to your employees within 3 business days’ time.

 

    Definition

Our plan follows CRA guidelines and definitions of eligible medical expenses. "Under a Cost-Plus plan an employer contract with a trusteed plan or insurance company for the provision of indemnification of employees’ claims on defined risks under the plan.  The employer promises to reimburse the cost of such claims plus an administration fee to the plan or the insurance company…. Provided that the risks to be indemnified  are those described in paragraphs (a) and (b) of the definition of “private health services plan” in subsection 248(1), such a plan qualifies as a private health services plan.”

Source: IT-339R2 Bulletin ~ Canada Revenue Agency

 

    Some Sample Allowable Expenses

- Counseling services

- Psychologist fees, Social workers beyond plan limits

- Prescription Drugs

- Massage therapy (by a registered therapist)

- Chiropractor bills

- Vision Care – contacts, glasses, contact lenses

- Co-insurance amounts (e.g. the 20% paid by the individual.)

- Dental expenses ( major restorative or orthodontics)

- Fertility expenses

- Laser eye surgery

- Smoking Cessation Drugs/Products

- Sexual Dysfunction Drugs – e.g. Viagra

- Medicines prescribed by a medical practioner  nurse, dentist, caregiver (for medical reasons)

- Vehicle modification to help a disabled person

- Other Health Services – podiatrist fees, physiologist fees, physiotherapist fees, physiatrist fees, naturopath products and fees