Entrepreneur Health Flex Plan

Self-Employed and Professionals

PROGRAM OVERVIEW

Would you like to save hundreds, or even thousands, of dollars every year in health, wellness, medical, dental, and cannabis expenses?

Are you paying more in monthly premiums than your health and dental benefits plan is worth?

Would you like your benefits plan to cover both mainstream and specialty expenses, such as medical cannabis, fertility treatments and IVF, Traditional Chinese Medicine, MRI/CT scans, laser eye surgery, dental braces, and senior care for your parents?

Do you claim your health and dental expenses on your tax return, but find that you get very little back as a refund?

Did you know...?

  • Traditional health and dental benefits plans use restrictions such as annual caps, per-visit limits, co-insurance, and deductibles to minimize the benefits paid out

  • Traditional health and dental benefits plans typically do not cover pre-existing health conditions

  • Traditional health and dental benefits plans typically do not cover medical cannabis

  • The monthly premiums/costs of a traditional health and dental plan increase as you get older

  • The 3% medical expense tax credit rule on your personal income tax return limits your tax refund

The Entrepreneur Health Flex Plan introduces a flexible and comprehensive benefits experience, empowering self-employed and incorporated business owners to personalize their own plan and choose the benefits that reflect how they live life.

As a business owner, this program converts eligible health, wellness, medical, dental, and cannabis expenses into tax deductions and tax refunds, so you keep more of your money.

Essentially, this program gives you a lifetime discount on virtually all your healthcare expenses.

This program provides the following general benefits:

  • Provides a flexible and comprehensive benefits plan with NO monthly premiums, so you get more value and choice

  • Saves you money on virtually all your health and dental expenses

  • Enables any "solopreneurs" earning business or commission income to have a benefits plan, even if they have no employees working for them

  • Covers a wider range of products, services, treatments, and procedures than traditional health and dental benefits plans, including many specialty or niche expenses

  • Covers up to 100% of all eligible expenses by eliminating restrictions such as annual caps, per-visit limits, co-insurance, and deductibles

  • Creates a "cafeteria-style" experience, so you choose the products and services that you want covered

  • Can offer health benefits coverage, and financial relief, for you and your extended family, even when you or other family members no longer qualify for traditional health insurance

  • Overcomes the limited 3% medical expense tax credit rule, so you get more tax savings

This program provides the following cannabis-specific benefits:

  • Covers all conditions requiring a prescription for medical cannabis (subject to Cannabis Act/ACMPR regulations)

  • Covered conditions can range from "soft medical" (anxiety, insomnia, depression) to "hard medical" (MS, neuropathic pain, cancer treatments)

  • Covers 100% of medical cannabis expenses, up to your coverage limit

  • Guaranteed coverage with no restrictions or caps, regardless of your (or your family member's) health history or current medical conditions

 

SUCCESS STORIES

 

Sophie | Self-Employed | Exploring Three Options

Sophie is a self-employed social media consultant with no employees, and is on track to net $60,000 of income this year. Her husband, Cam, is a salaried heavy-equipment operator. Over the course of the year, Sophie had a dental crown procedure ($950) and visited a naturopathic doctor ($180). Cam had a dental checkup ($150), replaced his glasses ($320), and is taking medical cannabis for occasional migraines ($350).


Their total health and dental costs for the year were $1,950. How can they reduce their costs?

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Option 1: Submit receipts to an accountant.

Sophie and Cam submit all their health and dental receipts to their accountant, but only receive a $32 tax credit when they file their tax return.

Option 2: Use a traditional health and dental benefits plan with monthly premiums.

Sophie is 35 and Cam is 37, so their monthly premiums for a decent health and dental benefits plan is $195/month, or $2,340/year. They submit their health and dental receipts to the plan provider and receive a reimbursement of $820. They also receive a tax refund of $660 for the monthly premiums they paid.

Their benefits plan does not cover medical cannabis, so they did not receive any reimbursement for those expenses.


Sophie and Cam paid $2,340 for their health and dental benefits plan, but only received $1,480 of benefits, so they lost money by paying more into their plan than it was worth.

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Option 3: Use the Entrepreneur Health Flex Plan.

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Sophie and Cam submit their health and dental receipts to their Entrepreneur Health Flex Plan provider, convert their expenses into a $2,334 tax deduction, and receive a tax refund of $658.

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This option gives them the most savings!

Janice | Self-Employed | Dental Braces for Children

Janice is a self-employed business coach who will net $100,000 of income this year. Janice is married to Matt, and they have two children, Brenda and Jason. Brenda will need braces later this year, at a cost of $3,650. Matt has employee health benefits, but unfortunately, they only cover basic dental services, not braces, so they would be out-of-pocket for the entire cost of the braces.


Janice decides to enroll in the Entrepreneur Health Flex Plan to cover the entire cost of the braces, and will save $954 in total.

Jeff | Incorporated Professional | Fertility Expenses for Spouse

Jeff has an incorporated business as an HR consultant, and will net $150,000 of income this year. Jeff is married to Susan. They have been trying to conceive naturally for some time now and, after consulting with a fertility specialist, have decided to use in-vitro fertilization (IVF). The fertility drugs will cost $5,000, one cycle of IVF will cost $14,000, and the fertility acupuncture will cost $330, for a total of $19,330.


Neither their provincial health plan or their private health benefits plan will cover any of their fertility treatment expenses, so Jeff enrolls in the Entrepreneur Health Flex Plan, and will save $5,898 in total.

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COVERAGE CATEGORIES

Add-On Benefits

  • Catastrophic Health Coverage Program

    • Due to Canada Revenue Agency (CRA) requirements, the Catastrophic Health Coverage Program is mandatory for non-incorporated businesses, unless you already have comparable coverage

    • Provides up to $250,000 of funding for qualified emergency medical and dental expenses inside your home province that exceed $1,500 in a year, when your provincial healthcare plan does not cover those costs

    • Provides up to $2 million of funding for qualified emergency medical and dental expenses outside your home province or outside of Canada, when your provincial healthcare plan does not cover those costs

    • Provides access to private MRI scans, with a discount for full body MRI scans and same day service

    • Provides access to the Mayo Clinic for initial diagnosis assistance and medical second opinion

    • Click here for more information on the Catastrophic Health Coverage Program

  • Other High Expense Claims

    • While flex benefits are great, they will not provide enough coverage for all your specific needs

    • We have numerous optional add-on programs that can provide peace-of-mind coverage for your high expense claims

    • Contact a Funding Strategies Consultant to customize a plan for you and your family

 

PROGRAM DETAILS

Coverage Eligibility

  • Business Owner Eligibility

    • Eligible business owners include freelancers, independent contractors, commission-based agents, self-employed consultants or specialists, incorporated professionals, store owners (without employees), and anyone else who earns business income

    • Shareholders who are actively working in the business are also eligible

    • Shareholders who only hold a passive interest in the business are not eligible

  • Family Member Eligibility

    • Covers the business owner, their spouse/common-law partner, children, and other dependents living in their home

    • Covers dependent parents and other dependent relatives living in a care centre in Canada

    • Other dependents include parents, siblings, and other relatives, related by blood or marriage, who cannot care for themselves and rely on you for financial support (some restrictions apply)

  • Pre-Existing Conditions

    • Always eligible for coverage under all categories

Maximum Coverage Amounts

  • Non-Incorporated

    • $1,500 for yourself

    • $1,500 for your spouse/common-law partner

    • $750 per child under age 18

    • $1,500 per child age 18 or older, but in school and living at home

    • Total coverage amount is a family limit, and can be used entirely by one person or shared among your family members

      • For example, a couple with two children under age 18 have a total limit of $4,500

      • Any one member, several members, or all members of your family can use up the $4,500 limit in any proportion

  • Incorporated

    • Within reasonable limits

    • Many corporations typically use between 15% to 20% of their personal income as their acceptable limit

    • Total coverage amount is a family limit, and can be used entirely by one person or shared among your family members

      • For example, an incorporated professional draws $75,000/year from their corporation as personal income

      • The business owner sets 15% x $75,000 = $11,250 as the family's acceptable limit for the year

      • Any one member, several members, or all members of your family can use up the acceptable limit in any proportion

Built-In Additional Benefits

  • Multiple Plan Integration Benefit: If your spouse/common-law partner is employed at a company that has a traditional benefits plan, this benefit enables you to combine the Entrepreneur Health Flex Plan with a spousal plan. This plan integration provides you with the Top-Up Benefit and Comprehensive Coverage Benefit.

  • Top-Up Benefit: Enables you to cover expenses that exceed the limits (including annual limits, per-visit limits, co-insurance, and deductibles) of your spouse/common-law partner's plan.

  • Comprehensive Coverage Benefit: Enables you to cover expenses that are not included in your spouse/common-law partner's plan.

  • 10% Wellness Coverage Benefit: Enables you to cover any wellness or health-related expenses that are not included within the scope of the Entrepreneur Health Flex Plan, such as vitamins, supplements, over-the-counter drugs, fitness expenses, and cannabis for wellness. Coverage is limited to a maximum of 10% of your annual claim.

Benefits Program Fees

  • $250 one-time, flat setup fee per family

    • Regardless how many dependents you have

  • 10% administration fee per expense

  • There are NO monthly premiums or contributions required for this program

    • Unless you choose an add-on benefit

 

 

Ready to take the next step?

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Support@CannabisHealthCoverage.ca

+1.604.726.9727

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