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Medical & Dental Coverages covermeontario.ca
Shopping for Benefits? Have you done the math on Individual, Family, and other money hungry plans? One of the biggest obstacles to self-employed people is the dilemma of buying expensive medical and dental insurance. Until recently, I advised most of my self-employed clients to put their money in the bank, and only buy catastrophic medical coverage, as you never win with conventional insurance. What do I mean by that? Have you ever taken a good look at individual coverage policies, with their inherent co-payments (you pay a percentage of each bill) and their limits (the insurance company pays up to a set maximum amount per year per person, with lifetime maximums)? If you have had experience with this, you no doubt tried doing the math...."if I pay this a month, and claim this a year, with these maximums am I ahead or losing money?" The likely answer is you are losing money just to be able to say you have coverage. Not a good situation, and it makes little sense. Until Now.... There is a rule in the Income Tax Act that allows self-employed individuals and their employees to either have the company pay the medical and dental expenses as a non-taxable benefit, or the owner of a non-incorporated business can reduce his/her income by the amount he/she puts into the health account (similar to an RRSP deduction). These are called Health Spending Accounts (or H.S.A.'s). You can also elect the Cadillac version of the plan which includes Catastrophic Coverage, eye glasses, prescription drugs, and professional services, called the Premiere Plan. "But, I already claim medical expenses on my tax return!". This is not the most-tax-effective way to claim expenses........ see the difference between the Medical Tax Credit and an H.S.A. So, without losing a cent, the company and/or self-employed can cost-effectively pay for the costs of medical and dental with "pre-tax dollars", effectively lowering their cost by up to 40%. Now that makes good economic sense! I now have clients telling me they have enough in their accounts to cover their kids' orthodontics! You too can save $1000's and have $1000's to show for it. Why give up all that money to the profit thirsty insurance companies? Send me a note and I can arrange to show you how this plan can benefit you and your employees. No employees? No problem, you are eligible to get your own plan even if it is just you! And, you cannot be refused or declined for coverage as long as you are self-employed, or an employee of a company that has this plan in place!
Benefit Survey & Request form: If you complete our survey, it can also be used as a 'quote request', that will give us a good idea what your needs are...we check them regularly.
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