Plan THREE

Plan THREE — The Employee Benefit Plan

A group benefit plan can help attract and retain employees. Plan THREE from Olympia Benefits offers a range of services and solutions to meet the needs of the small business.

How Does Plan Three Work?

The Employer assigns a benefit amount or spending limit to the employee. Employees then use these spending accounts to pay for health care services and expenses considered eligible by CRA (Canada Revenue Agency.) Eligible expenses include:

Prescription drugs
Dental services
Paramedical services

Advantages for the Employer

Cost Control — With the Olympia Benefits Health Spending Account, you know the cost of the benefit program in advance. You decide the spending limit for your employees each year.

Customizable — Detailed reports can help you 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 enable employers to deliver tax-effective compensation to employees using pre-tax dollars. All reimbursements to employees are non taxable.

Advantages for your Employees

Choice — In addition to controlling costs, the Olympia Health and Dental Plan provides much more flexibility than traditional insurance plans. The employee can use their benefits towards nearly any health and dental service. With a health and dental spending account, your company can reimburse employees for an annual fixed dollar amount for health and dental services.

Greater Coverage Options — Health spending accounts reimburse employees for many health-related expenses not covered by a typical group plan.

Eligible Expenses

Plan THREE offers 100% eligibility for almost all medically related expenses. A full listing can be viewed here. Some common expenses are highlighted below.

Dental Coverage

From basic dental care to extended orthodontics, chances are your dental procedure is eligible.

The Olympia Health and Dental Plan is a cost effective pay-as-you-go system. As an employer, you control your costs completely. As an employee, there are no surprises when you make a claim.

The Olympia Health and Dental Plan does not restrict the types or amounts of dental expenses eligible for your plan. Basic dental care, such as teeth cleanings and x-rays, can be covered, as well as major dental work such as bridges, crowns, root canals and braces.

Orthodontics / Braces

With an Olympia Health and Dental Plan, your company can reimburse employees for an annual amount for any health or dental services, including braces, with no restrictions on where the dollars are spent. An Olympia Health and Dental Plan provides an opportunity for better coverage at a lower cost.

Root Canals, Bridges, Crowns

Major dental work can be expensive. Using Olympia Benefits you can have your business reimburse your employees for major dental expenses such as root canals, bridges and crowns with 100% coverage. You (the employer) decide how much to spend on employee benefits. Olympia offers 100% cost control on your employee benefits plans.

Vision Coverage

The Olympia Health and Dental Plan offers flexibility in how vision care dollars are allocated. Your business can fully cover the costs of frames, lenses, contact lenses and even laser eye surgery.

Glasses, Contact Lenses & Laser Eye Surgery

While most insurance plans offer "vision coverage," rarely will a policy cover more than $250 every two years for vision care expenses. For most people, $250 will not cover the full costs of a new pair of glasses. With the Olympia Health and Dental Plan, your business can cover 100% of the cost of any of these expenses and receive a tax deduction for the expense.

Prescription Drug Coverage

Have your business reimburse employees for any prescription drug costs not covered by provincial drug programs — up to annual limits determined by your company. This includes all types of prescription medications, without restrictions often imposed by health insurance companies.

Chiropractic, Massage Therapy & Physiotherapy Coverage

Save money by having your business fully cover the costs of visits to chiropractors, massage therapists and physiotherapists.

Chiropractic Treatments

Insurance companies often place limits (usually $300 — $400 annually) on chiropractic and massage treatments. Since major back problems come with frequent visits to these practitioners, $300 per year would not cover the cost.

With an Olympia Health and Dental Plan, there are no annual limits on chiropractic treatments.

Massage Therapy

Massage therapy provided by a licensed massage therapist is an eligible expense under the Olympia Health and Dental Plan.

Premiums for other Health and Dental Plans

With traditional group health and dental insurance plans, employers commonly pay full premiums for their employees to be "covered." However, some employees are already covered for a percentage of their health and dental costs through their spouse.

While you are paying premiums every month to cover your employee, their spouse's employer is doing the same thing. This creates "double coverage" and results in significant dollars wasted every year.

With an Olympia Health and Dental Plan, you can have your employees claim the first portion of their health and dental costs through their spouse and run only the remainder through your plan. This does two things:

Reduces your business costs for employee benefits significantly.
Tops up your employees' plans, resulting in 100% coverage on more expenses.

How do I join and what does Plan THREE cost?

Please contact one of our representatives to join.

To join Olympia there is a one-time setup fee of $335 for your corporation and $40 for each employee. When you are ready to make a claim, Olympia charges a 10% administration fee on the amount of your claim. There are no other costs involved with your plan. The prices do not include GST/HST.