What Nobody Ever Tells You About Medical Insurance

Transcription

1 CustomCare TM Taking Health Care Coverage into Your Own Hands! What Nobody Ever Tells You About Medical Insurance THE GUIDE INSIDE: There are only 3 ways to pay for health care expenses BENEFITS MY WAY PROUDLY CANADIAN Benefits My Way How does it work? What is covered?

2 When it comes to health care coverage have you ever felt: Frustrated Like your hands were tied Finding a good plan was just out of reach Your options and coverage are limited You are compromising your family s well being

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4 Did you know that there are only 3 ways to pay for health care expenses? 1. Traditional insurance with monthly premiums 2. Paying from your personal bank account (paying out of pocket) 3. Your company paying these expenses by using a Private Health Services Plan Traditional Insurance Traditional insurance is when you pay a monthly premium, month after month even if you never make a claim. If you do have a claim there is a good chance that you will still have to pay a deductible or co-payment; meaning you are rarely covered 100% for services you need. For example, you may have 100% dental coverage but only on scaling, cleaning, fillings, examinations and polishing. If you need a crown or some other specialty item you are only covered at 50%. What if your child needs braces? Are they fully covered? Often not! In reality you could be paying up to $1.60 for every $1.00 in health care expenses. When you purchase health insurance you typically do so because you would like to be able to have your health and dental costs covered by the insurer, so you don t have to take the money out of your own pocket. Shouldn t this mean that you would spend less money? Actually you spend on average.60 cents over and above every dollar worth of benefits you receive. If you end up using more coverage dollars yearly than you pay in premiums then your premiums will go up. Paying Out of Pocket We all know that money we earn through our work whether it be from an employer or through our own companies is taxed. If we look at an example of spending $3, in medical and dental bills throughout a year, what did we actually have to earn to pay those bills. If you earned $50,000 a year and had $3,000 in medical expenses you would have to earn $4, to have $3,000 cash in hand after taxes. We all have the ability to write off a small portion of medical and dental expenses on our personal tax returns but it is very minimal. For example if you had earned $50,000 a year and had $3,000 in medical expenses you would have approximately $255 as an allowable deduction on your personal return. You Do Have Another Option!

5 Benefits My Way Program Private Health Services Plan (PHSP) You can take your Health Care Coverage into your own hands! What is a PHSP? A Private Health Services Plan allows you to expense your medical and dental costs (for you and your employees) through your company. In 1988 CRA (Canada Revenue Agency) stated that if your medical and dental benefits are administered through a third party arms-length administrator, they can be 100% tax deductible to your company. These benefits are also tax free to your employees. CustomCare has been a third party arms length provider of PHSP s since 1998 following CRA approved guidelines. This means with a PHSP you are able to have CustomCare administer your benefits plan and you have the maximum tax savings possible. Who is Eligible? If you have an incorporated business, limited company or sole proprietorship you qualify. The size of your business does not matter. You could be the only employee or you could have numerous employees. If you are a sole proprietor; to qualify for this deduction you must meet one of the following parameters: 1. Your net income from the business in which you are regularly and actively engaged must represent at least 50% of your net income for the year. 2. Your net income from sources other than business does not exceed $10,000. See Website for full details. How Does it Work? CustomCare reimburses Employee full Expenses & sends Employer a tax receipt Employee/ Business Owner pays for Medical or Dental Expenses Employer sends a cheque to CustomCare to cover Expenses +10% admin fee 100% Tax Free For The Employee 100% Tax Deductible For The Business

6 What is Covered? Any Product, Procedure or Service You May Receive from a Medical Professional. A licensed medical practitioner encompasses a broad range of individuals in the Health Care profession who are authorized to practice in accordance with the laws of the province and certified to the practitioners governing body, including but not limited to the following: Acupuncturist Christian Science Practitioner Chiropodist Chiropractor Dentist Dental Mechanic Dermatologist Gynecologist Massage Therapist Naturopath Neurologist Nutritionist Obstetrician Oculist Ophthalmologist Optical service Optician Optometrist Orthodontist Orthopedist Osteopath Pediatrician Physician Physiotherapist Podiatrist Practical Nurse Psychiatrist Psychoanalyst Psychologist Registered Nurse Speech Therapist Therapist Hospital Services Anesthetist Operating room Oxygen masks, tent Vaccines X-ray Technician Medication All prescription drugs, insulin or substitutes, liver extract, injectable for pernicious anemia. Any non prescription medicines (over the counter) prescribed by a qualified medical practitioner and recorded by a licensed pharmacist. Oxygen Tapes or tablets for sugar content tests by diabetics, if prescribed Viagra Vitamin B12 for pernicious anemia Prescribed Medical Treatment Blood transfusion Bone marrow or organ transplant Diathermy nursing Electric shock treatments Healing services Hydrotherapy Insulin treatments, injections Laser eye surgery Prenatal, postnatal treatments Psychotherapy Radium therapy Speech pathology or audiology Ultra-violet ray treatments Whirlpool baths X-ray treatments Any Product, Procedure or Service You May Receive from a Medical Professional An external breast prosthesis Any device designed to assist walking where the individual has a mobility impairment Contact lenses Devices designed to assist a person to use bathtubs, showers or toilets Devices designed to enable individuals with a mobility impairment to operate a vehicle Devices used by individuals suffering from a chronic respiratory ailment or a severe chronic immune system deregulation Electronic speech synthesizer for mute individuals Electronic or computerized environment control systems for individuals with server prolonged mobility restrictions Equipment that enable deaf or mute persons to make and receive telephone calls including visual ringing indicators acoustic coupler, teletyping, which makes telephone communication possible with other persons Extremity pumps or elastic support hose to reduce lymph edema swelling Heart monitors or pace makers Hospital beds, if required in home Inductive coupling osteogenesis stimulator Infusion pumps for diabetics, including peripherals Monitors attached to babies identified as being prone to sudden infant death syndrome

7 Any Product, Procedure or Service You May Receive from a Medical Professional (continued) Optical scanners or similar devices for a blind individual to enable him/her to read print Orthopedic shoes or boots Oxygen tent Power operated guided chair installation for stairways Power operated guided lifts and transportation equipment designed to access to buildings, vehicles, or to allow wheelchair access to a vehicle Synthetic speech systems, Braille printers and large print-on-screen devices that enable blind persons to utilize computers Syringes Television closed captioning decoders Wigs if required as a result of disease, accident or medical treatment Other Materials and Apparatus That Don t Require a Prescription List Any apparatus or material, paid to a doctor, nurse or hospital Artificial eye Artificial limb Artificial kidney machine, including installation, operating costs Brace for a limb Colostomy pads Crutches Hernia truss Illestomy pads Iron lung Laryngeal speaking aid All Dental Services Denture repairs & replacement Dental X-rays Examinations Extracting teeth Oral surgery (e.g. Root Canal) Straightening teeth (e.g. Braces) Laboratory Examination and Tests Blood tests Cardiographs Metabolism tests Spinal fluid tests Stool examination Urine analysis X-ray examination Other Expenditures Ambulance charges Chiropractic care Dependant adult care costs Eye glasses & contact lenses Homemaker service & home care attendant (must not be a relative) Prescription birth control pills Reasonable cost for adapting a residence to accommodate a disabled person (e.g. Wheelchair ramp, lifts, bath facilities) Rehabilitative therapy, lip reading and sign language training Specially trained animals to assist the blind/deaf, for severely impaired persons, including the cost of the animals care and maintenance Transportation cost to hospital, clinic or doctor s office to obtain services not otherwise available Transportation, meals and accommodations (reasonable expenses for meals, accommodation and travel costs for patient and an accompanying attendant may be deductible if; 1. Equivalent medical services are not available locally 2. The route traveled is reasonably direct 3. Medical treatment is reasonable and distance traveled is at least 80 kilometers Varicose vein treatment What Does it Cost? There is a small one time set-up fee of $295 to join CustomCare. For every claim that you make, you will simply add on a 10% administration fee on top of the cost of the claim. Since there are no monthly premiums for the Benefits My Way Program, this means that you are only going to pay for what you actually use. Our 100% Guarantee If for any reason you decide that the CustomCare Plan is not the plan for you we will refund your set up fee.

8 Compare for Yourself No Premiums (NO Monthly or annual fees) No Restrictions* (NO exclusions 100% coverage) Guaranteed Coverage All staff, all ages, regardless of health Covers Pre-existing Conditions Has Waiting Periods Plan details customized to fit plan holder Tax-Deductible (For Corporation) Traditional Insurance *Any service or product obtained from a licensed practitioner is considered an eligible expense. 100% Tax Deductible What are you waiting for? Stop Paying and Start Saving Today! $5K $5000 IN Annual Medical Expenses $ $ savings $ Traditional Plan out of Pocket Benefits My Way

9 Why Choose Custom Care? You decide how to spend your health care dollars No health qualifications The broadest coverage available 5-7 day turnaround time on claims Average tax savings of over $2,200 annually Client claims & plan information on-line No waiting periods to use the plan Coverage for Alternative treatments 100% tax-deductible for the employer, 100% tax-free for the employee Over a decade of experience administering plans Canada s premiere provider of PHSP s Serving over 11,000 clients across Canada Register online at or call Relax, We Have You Covered As a CustomCare Plan Member you also have access to these valuable plans Critical Illness Insurance Travel and Catastrophic Medical Insurance Diagnostic and Specialist Access Insurance

10 Quotes From Our Clients We have been using this alternative insurance plan for our employees since 2002, and CustomCare by far has provided the best level of service we ve received to date. We have found them to be diligent, extremely timely in responding to our queries and in processing claims, and most importantly, their personnel are very courteous and helpful. In short, CustomCare is a pleasure to deal with, and I would highly recommend them as the company to go to. J. Lepage, Onyx Oil & Gas Ltd. CustomCare was the best option for a small business compared to what is in the market. The plan gave me complete control, the broadest coverage and it was 100% tax deductible. I found it simple easy and I get my cheque back quickly. D. Spencer (2008) It seems as though CustomCare was designed specifically for my family s situation. We needed a benefits program that allowed us the freedom to make choices for our family that supports our personal health philosophies. We feel we have aligned ourselves with a company that respects our personal and professional needs and we couldn t be happier. Dr. Ray Hulbert, D.C.

11 Mission STATEMENT CustomCare believes all small businesses deserve to have affordable health care benefits designed specifically to fit each family s needs. Our friendly Benefit Specialists focus on providing solutions for your business and are personally available to discuss your unique requirements. Over the last decade our experience has allowed us to customize thousands of benefit plans for our clients that are simple, convenient and very easy to use.

12 CustomCare TM Take Health Care Coverage into Your Own Hands! Phone: (403) Fax: (403) Toll-free: