For many small to mid-sized business owners, traditional health and dental benefit programs provided by insurers are too costly, and benefits often go unused. A Health Benefit Plan (HBP) offers incorporated professionals and business owners a reliable and economical way to provide expanded medical and dental coverage for themselves, their families, and certain employees.
An HBP is a self-administered benefit plan that can be tailored to the needs of the business and utilizes pre-tax dollars to pay for medical and dental expenses.
A full listing of eligible medical expenses can be found on the Canada Revenue Agency (CRA) web site.
Acupuncture, ambulance, blood tests, braces, chiropractor, contact lenses, crowns, crutches, dental treatments, dentures, dermatologist, drugs, eyeglasses, hearing aid & batteries, hospital bills, insulin treatments, naturopath, nursing, neurologist, obstetrician, ophthalmologist, optician, oral surgery, organ transplant, orthodontics, orthopedic shoes, orthopedist, osteopath, oxygen, pediatrician, physician, physiotherapist, psychiatrist, psychologist, psychotherapy, radium therapy, massage therapy, sterilization, health care related transportation, vaccines, vasectomy, viagra, wheelchair, x-rays …and more.
The covered plan member pays for the medical expenses in full, upfront, and submits the claim and receipts.
The corporation receives the claim form and issues a cheque for the approved expense to the HBP account.
The HBP account receives the corporation’s cheque and issues a cheque for the expense from the HBP account to the plan member (up to the maximum allowed by the Health Benefit Plan)
Complete and submit the HBP Authorization Form to GBL and we will prepare the Health Benefit Plan documents.
The Health Benefit Plan documentation will be delivered to the location listed on the HBP authorization form.
The client should sign the Health Benefit Plan documentation and establish the account at the bank of his or her choice.
The client advises their employees of the benefits program and employees begin taking advantage of the plan.