The purpose of this medical and dental benefit plan is to assist business owners with the financial cost of their health expenses. Using a Private Health Services Plan allows you to use pre-tax company funds to pay for your expenses. Depending on your tax bracket, the savings can be significant when compared to using personal after-tax dollars. You decide which health care products and services to purchase and then are reimbursed with funds deposited to the plan by your company.
Mail your original receipts, a completed claim form, and a corporate cheque in the amount of your claim plus the administration fee to Keyser Benefits Corp., the Plan Administrator. Keyser Benefits Corp. will then mail you a cheque, payable to you personally, in the amount of the claim. Claims can be submitted as incurred or compiled to be submitted at your convenience.
Company contributions (Deposits) and health expense reimbursements (Claims) are not subject to Federal Income Tax (IT470).
Co-ordination of Benefits
To the extent permitted by law, this plan is the last payer. Claims are not eligible until you and your dependents have exhausted coverage through all public, group and individual insurance or benefit plans.
Claims – Expense Reimbursement
The eligibility of expenses is governed by section 118 of the Income Tax Act and Interpretation Bulletin IT-519 (as revised). Reasonable and customary charges for the following products and services may be claimed through the Plan if they are required to treat an illness or injury of the Member or eligible dependant, incurred while covered and submitted during the calendar year incurred: