How we help build new benefit plans
If you’re implementing a new group plan, it’s important to get it right. Over 30 years, we’ve learned the ins and outs of group benefit plans. It’s our only business, and small firms are our focus.
Here’s the kind of advice we give new employee benefit plan clients:
Start small. You won’t often hear this advice, since people like us are paid a percentage of the premium. But we’re focused on the relationship, so we want you to have a good experience.
Starting with a modest plan has two advantages:
- It reduces the chance you’ll have to scale back your plan due to budget concerns or a reduction in sales and/or headcount.
- It will let you add benefits later, creating new opportunities to reinforce the value of working for your company.
Choose your insurer carefully. We’ll help you get bids from several insurers. But we don’t always recommend you take the lowest bid. That’s because some insurers bid very low to win business, knowing they will increase your premium sharply in the coming years.
Pick a broker who’ll stick around. That means choosing JP Bascom Insurance. For insurance companies and large brokerage firms, small company clients are used to train new agents. So you’ll likely see a new person every year or two. With JP Bascom Insurance, you’ll get seasoned advice from the same trusted advisor year after year.
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Health Care Spending Account
We use a third party administrator (TPA) for this benefit.
What is it?
A Health Care Spending Account HCSA is a cost plus plan, created by an employer, to enable an employee to submit health and dental claims that are not covered by a traditional Group Benefit plan. Such claims could include things like eyeglasses, orthodontic braces or deductible amounts from the base plan. It can also be used in place of a traditional Group Benefit Plan.
What else is covered?
Virtually any legitimate health or dental expense that qualifies under the Income Tax Act of Canada can be covered. The basic requirements are these:
The service or item claimed must be for the member of the plan, or a member of his/her immediate family
It must be something that is intended to improve the health and well being of the patient
It must be provided by a health professional who belongs to a nationally recognized organization that establishes and monitors professional qualifications and standards.
Is there an annual maximum?
Yes, each plan member is entitled to claim up to annual maximum. If the employee has a balance left over from the previous year, this can be carried forward, but only for one year.
How are claims submitted?
A member completes a form and sends it directly to the TPA. It is sent along with all the supporting documentation, invoices etc. All invoices must be originals. The TPA checks to make sure that the claim qualifies for payment and that the members entitlement amount is sufficient. Once that is done a cheque is mailed to the member. You do not need to have a Plan Administator sign a claim form.
What does it Cost?
There is an administration fee, and various taxes such as Premium tax and HST.
