Employee Benefits Plans
As the owner of a small business a group benefits plan can help you attract and retain employees. A properly structured benefits package can make a big difference in the physical and mental health for you and your employees. The Olympia Benefits Plan Three offers a range of services and solutions that cater to the needs of the small business.
Employee Health and Dental Spending Accounts
Employees are becoming increasingly more diverse and their individual health needs can vary widely. As such it is becoming more important for employers to offer benefit packages that satisfy ranges of employee needs. The Olympia Benefits Plan Three Health Spending Account is a flexible way to provide a solution for today's challenges.
How Health and Dental Spending Accounts Work
The Employer assigns a benefit amount or spending limit to the employee. The employees then use these spending accounts to pay for health care services and expenses considered eligible by CRA. A sample of expenses that can be covered includes:
- Prescription drugs
- Dental services
- Paramedical services
Advantages for the Employer
Cost Control — With The Olympia Benefits Health Spending Accounts you know the cost of the benefit program in advance, because you decide the spending limit for your employees each year.
Customizable — through detailed reports can help you identify changing trends and tailor your benefit plans to best meet the needs of your employees. The Health Spending Account can be made available to all employees or only specific groups of employees.
Non Taxable — Health Spending Accounts provide a way for employers to deliver tax-effective compensation to employees using pre-tax dollars. All reimbursements to employees are non taxable.
Advantages for your Employees
Choice — With Health Spending Accounts, the employee has the flexibility in where they use there spending account dollars.
Greater Coverage Options — Health Spending Accounts reimburse employees for many health-related expenses not covered by a typical group plan. Employees appreciate the individuality of coverage that Health Spending Accounts allow.
The Olympia Health & Dental Plan is more flexible than insurance!
In addition to controlling your costs, the Olympia Health & Dental Plan gives your employees considerably more flexibility than a traditional insurance plan. The unique design of our health and dental spending accounts can enable your employees to use their benefits for nearly anything that is health and dental related, and do so without the fine print typically associated with insurance.
With a health and dental spending account, your company can reimburse employees for a fixed dollar amount each year for anything health and dental related.
What types of expenses are eligible?
As this is not an insurance plan, the Olympia Health & Dental Plan does not restrict plan usage as many benefits programs do. Therefore all of the following expenses are eligible:
- Dental services (including major dental work)
Dental coverage details… - Vision care (glasses, contact lenses, laser eye surgery)
Vision coverage details… - Prescription drugs
Prescription drug coverage details… - Chiropractor, Massage Therapy, Physiotherapy
Chiropractic, massage and physiotherapy coverage details… - Premiums paid for other health and dental plans
Details on deducting health and dental insurance premiums… - And more!
Optional Insurance Additions
Exceptional Expenses and Out of Country insurance plans can be added to further enhance the plan. Exceptional Expense Insurance and Out of Country insurance plans are separate insurance plans that employers can purchase to further enhance your plan.
Enrollment Cost
There is a one time enrollment fee of $335 for your company and $40 for each eligible employee to enroll in this plan. This fee is 100% tax deductible to your business.
Administration Cost
Once your business is enrolled, there is a 10% administration fee applied to all claims submitted and processed. This fee will only be applied to eligible expenses submitted through your plan. In the case that an expense is submitted and is not eligible for any reason, there will be no charge to your business.
About Olympia Benefits
Olympia Benefits Inc. (Olympia) is a wholly owned subsidiary of Olympia Financial Group. Olympia Financial Group is a public company listed on the Toronto Venture Stock Exchange (TSX-V: OLY).
Olympia specializes in the administration of health and dental plans for small businesses. Since 1996, Olympia has opened more than 25,000 health and dental plans for small business owners.
Olympia has three commitments to our customers:
- To provide a comprehensive health and dental plan that reduces costs.
- To meet the emerging healthcare needs of Canadians.
- To provide superior customer service.
For more information about Olympia Benefits Inc. please click here. Otherwise, please contact us today for more information on our unique and extremely effective health and dental plans for small business owners.
