Plan THREE

Plan THREE — The Employee Benefits

Olympia recognizes the challenges employers face when trying to design a group benefits program. Employers want to provide a competitive, comprehensive package to their employees but don’t want the costs to become unmanageable.

When you make the decision to provide health and dental benefits through an Olympia plan, you are able to control costs, and provide valuable, diverse coverage to your employees and their dependents.

How Does Plan Three Work?

Your customized Health and Dental program is created by using a Health Spending Account (HSA). This account is administered by Olympia Benefits on your behalf. The HSA is a self-funded program, in which you as the employer are responsible for providing funds to Olympia in order for us to reimburse employees for health and dental expenses up to a pre-determined dollar value. Eligible expenses include:

Prescription drugs
Basic, Major and Orthodontic dental services
Paramedical Services
Vision Care (including laser eye surgery)

Benefits administered though a HSA are a 100% business deduction for the employer and the employee receives the benefit on a tax free basis.

Advantages for the Employer

Cost Control — As the employer sets the benefit limits for the employees each plan year, you are able to calculate the full cost of the benefits program in advance. At the beginning of each plan year you do have the opportunity to make adjustments to the benefit limits.

Customizable — Employers are in the driver’s seat when it comes to plan design. You have the flexibility to set classification structure, benefit limits, co-insurance, installment frequency and roll-over of funds.

Direct and Online Support – Olympia is committed to providing a people-first approach to our clients. To assist you with any questions you may have once your plan is in place, you will have access to our friendly and knowledgeable Customer Care specialists. If you prefer to manage your account online, you will receive access to a personalized MyOlympia site. Through this site you can review the company and employee’s spending account balances, run reports and manage new enrolments and terminations.

Advantages for your Employees

Choice — Unlike a traditional insurance program, employees will receive their health and dental benefits without pre-qualifications, limitations or restrictions. Your employees will now have the flexibility to customize their benefits program to best fit their needs.

Greater Coverage Options — Health Spending Accounts reimburse employees for many health-related expenses not typically covered by a traditional benefits plan.

How do I join and what does Plan THREE cost?

Setting up an Olympia Benefits program is quick and easy. We do require you to complete a Master Application for your company and each eligible employee needs to complete an employee enrolment form. There is a one-time setup fee of $335 for your corporation and $40 for each employee plus GST/HST. To obtain an enrolment package or to discuss your plan option with a representative, please contact out office at 1-888-588-2845.

When you are ready to make a claim, Olympia charges a 10% administration fee on the amount of your claim plus GST/HST on the administration fee. There are no other costs involved with your plan.

For groups with three or more employees, Olympia has partnered with a selection of service focused insurance carriers in order to offer a full range of insured group products such as Life, Disability and Critical Illness to our clients.

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.