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How does FlexSave work?
How does FlexSave work?
The general guiding principal for expense eligibility is that the treatment must be conducted for medical reasons. Procedures covered under traditional employee benefit plans are covered by your FlexSave™ plan as well as other less conventional expenses. Eligible expenses can differ by province and may change from time to time. For complete and up to date detail on expenses which CRA deems acceptable, please visit www.cra-arc.gc.ca.
Medical Practitioners
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Acupuncturist
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Anesthetist
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Chiropractor
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Dentist
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Dermatologist
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Gynecologist
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Massage Therapist
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Naturopath
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Neurologist
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Nurse
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Obstetrician
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Ophthalmologist
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Optician
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Optometrist
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Orthopedist
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Osteopath
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Pediatrician
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Physician
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Physiotherapist
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Psychiatrist
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Psychologist
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Speech Therapist
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Surgeon
Dental Treatments
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Braces
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Bridges
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Crowns
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Dental Cleaning
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Dentures
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Examinations
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Extractions
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Fillings
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Fluoridation
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Gum Treatment
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Oral Surgery
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Root Canal
Medicine and Medical Treatments
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Alcoholism
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Birth Control Pills
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Blood Tests
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Cardiographs
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Contact Lenses
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Contraceptives
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Crutches
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Fertility Drugs
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Guide Dog
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Hearing Aids
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Hydrotherapy
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Insulin Treatment
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Lab Tests
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Laser Eye Surgery
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Metabolism Tests
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Post-natal Care
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Pre-natal Care
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Prescription drugs
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Private hospital room
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Radium Therapy
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Spinal Fluid test
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Splints
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Sterilization
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Vaccines
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Vasectomy
Other Expenditures
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Artificial eye
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Artificial limbs
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Bathroom aids*
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Cat Scan
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Diabetic supplies
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Diagnostic Fees
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Diathermy*
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Eye Glasses
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Hearing impaired equipment
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Heart monitor*
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Kidney machine
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MRI
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Needle & Syringe*
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Oxygen Equipment
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Pacemaker
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Transportation relative to healthcare
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Walking aid
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Wheelchair
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X-rays
*Requires prescription
In conjunction with SSQ Insurance, HUB Financial offers optional supplementary coverage to all FlexSave™ applicants. For a minimal cost, this coverage provides clients with protection should a catastrophic medical event occur either in province or while traveling. Available exclusively to FlexSave™ clients, this plan offers two areas of protection in one plan.
If you and/or your covered dependents require medical or surgical treatment outside your own province of residence, this policy will pay certain covered expenses to a maximum of $2,000,000.
There is no deductible associated with this component; however, coverage is limited to a maximum trip length of 60 days.
If you and/or your covered dependents require medical or surgical treatment due to injury, sickness or disease in your province of residence, this plan will then pay for the following covered expenses after an annual deductible of $1,500 per person per category is satisfied.
The plan will then cover up to $25,000 per category expense up to a combined maximum of $125,000 annually subject to a total lifetime maximum of $250,000.
The expense categories are:
a) Semi private hospital room and board
b) Private nursing (ordered or prescribed by a Physician
c) Prescription drugs, sera and vaccines
d) Ambulance (including air)
e) Services of specific licensed practitioners
f) Rental of durable medical equipment
g) Accidental Dental coverage
1. Please refer to the policy contract for full details on benefits and restrictions.
2. Rates are subject to change with notice
* The 6 month pre-existing condition clause does not apply to the Coverage to Age 70 plan when there are 10 or more employees enrolled in the plan.
1. Travel Medical1
If you and/or your covered dependents require medical or surgical treatment outside your own province of residence, this policy will pay certain covered expenses to a maximum of $2,000,000.
There is no deductible associated with this component; however, coverage is limited to a maximum trip length of 60 days.
2. In-Province Catastrophic1
If you and/or your covered dependents require medical or surgical treatment due to injury, sickness or disease in your province of residence, this plan will then pay for the following covered expenses after an annual deductible of $1,500 per person per category is satisfied.
The plan will then cover up to $25,000 per category expense up to a combined maximum of $125,000 annually subject to a total lifetime maximum of $250,000.
The expense categories are:
a) Semi private hospital room and board
b) Private nursing (ordered or prescribed by a Physician
c) Prescription drugs, sera and vaccines
d) Ambulance (including air)
e) Services of specific licensed practitioners
f) Rental of durable medical equipment
g) Accidental Dental coverage
| Available Plan Versions | Pre-Existing Condition Clause |
|---|---|
| Coverage to age 70 | Travel Coverage: No Catastrophic Coverage: 6 months* |
| Coverage to age 70-75 Available for new clients or upon existing insured reaching age 70 |
Travel Coverage: 6 months Catastrophic Coverage: 6 months |
| Stop Loss to Age 70 Rates2 | Stop Loss Age 70-75 Product Rates2 | ||||
|---|---|---|---|---|---|
| Plan Type | Monthly | Annual | Plan Type | Monthly | Annual |
| Single | $10.22 | $125 | Single | $19.56 | $240 |
| Couple | $19.55 | $240 | Couple | $36.92 | $450 |
| Family | $24.90 | $305 | Family | $42.15 | $510 |
1. Please refer to the policy contract for full details on benefits and restrictions.
2. Rates are subject to change with notice
* The 6 month pre-existing condition clause does not apply to the Coverage to Age 70 plan when there are 10 or more employees enrolled in the plan.
A Wellness Plan is a separate benefit category within a FlexSave™ account and has its own limit/amount of benefit. The Wellness Plan shares the same benefit period, unused benefit option and co-pay structure as the main FlexSave™ plan. Adding a Wellness Account to FlexSave™ provides plan flexibility allowing employees to:
• Enhance and maintain personal health and wellness
• Pay for expenses not on eligible expense list, or those removed from list by CRA
• Pay for expenses above main plan limits
Wellness Account Categories
Adding a Wellness Plan expands the expense categories in the plan to include things like:
• Health and wellbeing – i.e. naturopath, smoking cessation
• Fitness activities – i.e. gym membership
• Fitness equipment
• Family care/child care
• Professional services i.e. health assessments/health care
Taxation of Wellness Benefits
Wellness reimbursements to an employee are considered a taxable benefit to that employee. As such employers must provide totals on the employee T4.
Wellness Account Reporting
In order to provide employers with the information necessary to report a taxable benefit on their employee T4, HUB Financial will provide an annual report of all Wellness claims paid for employees. This report will be automatically generated at the end of each calendar year.
• Enhance and maintain personal health and wellness
• Pay for expenses not on eligible expense list, or those removed from list by CRA
• Pay for expenses above main plan limits
Wellness Account Categories
Adding a Wellness Plan expands the expense categories in the plan to include things like:
• Health and wellbeing – i.e. naturopath, smoking cessation
• Fitness activities – i.e. gym membership
• Fitness equipment
• Family care/child care
• Professional services i.e. health assessments/health care
Taxation of Wellness Benefits
Wellness reimbursements to an employee are considered a taxable benefit to that employee. As such employers must provide totals on the employee T4.
Wellness Account Reporting
In order to provide employers with the information necessary to report a taxable benefit on their employee T4, HUB Financial will provide an annual report of all Wellness claims paid for employees. This report will be automatically generated at the end of each calendar year.
Ontario
HST of 13% required on the 10% administration fee
PST of 8% required on claim amount
Premium tax of 2% on claim amount and administration fee
British Columbia
GST of 5% required on the 10% administration fee
Alberta, Manitoba, and Saskatchewan
GST of 5% required on the 10% administration fee
Atlantic provinces
HST of 15% required on 10% administration fee
HST of 13% required on the 10% administration fee
PST of 8% required on claim amount
Premium tax of 2% on claim amount and administration fee
British Columbia
GST of 5% required on the 10% administration fee
Alberta, Manitoba, and Saskatchewan
GST of 5% required on the 10% administration fee
Atlantic provinces
HST of 15% required on 10% administration fee
You may choose one of the following structures at setup of a new FlexSave™ Account and may change it at any time. We recommend pre-funding your account as that will ensure that claims are reimbursed in a timely fashion to your employees.
To establish a pre-authorized deposit for payment of claims, the Monthly Trust Deposit Form must be completed. Lump sums may be also deposited by internet banking or cheque.
When Your Account Needs Funding
HUB Financial will inform you when funds are needed to pay a pending claim. You may pay any outstanding claim amount by cheque or internet banking.
How to Deposit Funds into a FlexSave™ Account
There are several methods of depositing funds in to the FlexSave™ Account for payment of current or future claims. Claims can be funded by:
1. Regularly scheduled monthly contribution – pre-authorized deposits may be established using the Monthly Trust Deposit Form to automatically deposit funds into the account.
2. Periodic deposit through internet banking – employers have the ability to transfer funds into their FlexSave™ plan when banking online through their financial institution. We are set up with all major Canadian banks and most credit unions. Simply add HUB FINANCIAL Inc. as a payee on your account and deposit directly into your plan when funds are needed.
3. Mail a cheque to HUB Financial.
Pre-funded Account
An employer may choose to deposit a lump sum amount into their HUB FlexSave™ account at the beginning of each year or set up a pre-authorized monthly withdrawal/deposit into the account. Amounts for pre-funding should be based on the predetermined maximum being provided to employees. Pre-funding the FlexSave™ account allows HUB to withdraw funds for each claim submitted plus the 10% administration cost and any applicable taxes.To establish a pre-authorized deposit for payment of claims, the Monthly Trust Deposit Form must be completed. Lump sums may be also deposited by internet banking or cheque.
Pay As You Go
With each claim submitted by an employee, HUB will invoice the employer for adequate funds to reimburse the employee and cover our administration fee (10%) plus applicable taxes. Once payment is received from the employer, HUB will reimburse the employee claimed medical expense. You may pay HUB Financial by cheque or internet banking for this option.When Your Account Needs Funding
HUB Financial will inform you when funds are needed to pay a pending claim. You may pay any outstanding claim amount by cheque or internet banking.
How to Deposit Funds into a FlexSave™ Account
There are several methods of depositing funds in to the FlexSave™ Account for payment of current or future claims. Claims can be funded by:
1. Regularly scheduled monthly contribution – pre-authorized deposits may be established using the Monthly Trust Deposit Form to automatically deposit funds into the account.
2. Periodic deposit through internet banking – employers have the ability to transfer funds into their FlexSave™ plan when banking online through their financial institution. We are set up with all major Canadian banks and most credit unions. Simply add HUB FINANCIAL Inc. as a payee on your account and deposit directly into your plan when funds are needed.
3. Mail a cheque to HUB Financial.
| Funding Options | Regular Monthly | Internet Banking | Cheque |
|---|---|---|---|
| Pre-funded Account | x | x | x |
| Pay As You Go | x | x | |
| Funds Required for Claim | x | x |
See answers to frequently asked questions about FlexSave
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FlexSave Employer Application
If paying setup fee by credit card, you are required to also submit this credit card payment form.
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Employee Enrollment
Each employee must complete which includes the business owner/sole proprietor
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Pre-authorized debit
For companies that wish to pre-fund their FlexSave plan on a monthly basis
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Pre-authorized debit for Stop Loss monthly premium
For companies that wish to pay stop/loss insurance on a monthly basis
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Stop-Loss/Travel Medical
Each applicable employee must complete along with business owner
- Request for Direct Deposit (EFT)
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Employee/Company Changes
Complete this form to make any changes to the company or an individual employee
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Employee Termination
Complete this form to remove an employee from the FlexSave plan
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Wellness Plan Application
For existing FlexSave clients to add a Wellness Plan to their account
- FlexSave Employer Application If paying setup fee by credit card, you are required to also submit this credit card payment form.
- Employee Enrollment Each employee must complete which includes the business owner/sole proprietor
- Pre-authorized debit For companies that wish to pre-fund their FlexSave plan on a monthly basis
- Pre-authorized debit for Stop Loss monthly premium For companies that wish to pay stop/loss insurance on a monthly basis
- Stop-Loss/Travel Medical Each applicable employee must complete along with business owner
- Request for Direct Deposit (EFT)
- Employee/Company Changes Complete this form to make any changes to the company or an individual employee
- Employee Termination Complete this form to remove an employee from the FlexSave plan
- Wellness Plan Application For existing FlexSave clients to add a Wellness Plan to their account