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You create your vision. You create your health plan.
Creating your HealthSAVE ™ customized employee health plan is easy. Your company sets the health plan. Your company and employees benefit in tax savings: with complete flexibility that cares.
There is a modest one-time registration fee of $275 plus $10 per employee. There are no annual fees, and no traditional premiums to pay. Adjudication administration costs are capped at 10%. Canada Revenue Agency requires that you use a third party adjudicator to adjudicate claims for compliance.
Canada Revenue Agency (CRA) regulates the type of expenses that are allowed under a private health plan. Not only are these health costs tax deductible to the employer's company, they are paid tax-free to the employee. Tax-free status of these costs result in significant savings: normally upward of 30%, depending on the province and individual marginal tax rates.
There are no Canada Revenue Agency (CRA) restrictions for corporations. For instance, you could set $15,000 for director health expenses and $2,000 for employees. Unlike traditional plans, there are no restrictions on the type of expenses claimed. You could spend the full $2,000 on dental work this year, and $2,000 in massages the next year. Details can be changed at any time.
Employers may fund their private health plan in two basic ways.
First, plans can be funded on a "cost plus" basis; this means that as each claim is submitted, the employer pays to HealthSAVE Inc. the "premium" to cover the actual cost of the claim plus a 10% administration fee for processing and reporting.
The second way is for employers to submit monthly "premium" amounts, and claims submitted are deducted from instalments made. Unused premiums are carried forward to future years.
The employer may also add certain "wellness" health costs that are not normally included in health plans: this may include health fitness club membership, and other wellness incentives. While these amounts are not paid tax free to the employee, they do hold excellent popularity and value towards demonstrating that the employer cares about the health and wellness of their staff.
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