Personal and Corporate Financial Planning
You and your employees have your own personal financial planning needs. At ICBA Benefit Services, we understand that everyone's financial situation is unique and that managing your wealth can be complex and time-consuming. That's why we offer personal financial planning services from advisors with a broad range of expertise and in-depth knowledge suited to individual circumstances.
Our ICBA Benefit Services advisors can simplify your life by addressing your complete financial well-being which encompasses everything from your insurance and investments, to your tax and estate planning needs. Supported by a team of professionals, including lawyers, tax accountants and financial analysts, our advisors can work with you to make the right decisions about your wealth and help you build the future you desire.
Health Reimbursement Plans
Your existing group plan lets you provide your plan members with comprehensive, cost-effective benefits coverage, however, the Health Reimbursement Plan (HRP) takes that coverage one step further by allowing you to strengthen your coverage with valuable tax savings. Our HRP is an effective way to supplement health, dental and vision coverage that may be limited or not covered under your existing group plan.
Which expenses are covered?
HRP coverage supplements medical, hospital, dental and vision expenses that are limited or not covered under the terms of your existing group contract. Coverage is provided for those expenses that qualify as a medical expense under Subsection 118.2(2) of the Income Tax Act (Canada), which may be amended from time to time. Before establishing a health reimbursement plan, you should consult with your independent tax advisor to review your needs and determine whether a health reimbursement plan is appropriate for your particular circumstances.
HRP Company Application Form
The Health Reimbursement Plan enables you to cover medical expenses that are not covered by the Extended Health Care (EHC) or Dental plan for your employees on a “cost plus” (non insured) basis.
Examples of expenses that can be claimed under the HRP:
- Expenses exceeding maximums under your EHC and Dental plans
- The coinsurance or deductible portion of a claim under your EHC and Dental plans
- Medical expenses that are not covered under your EHC and Dental plans, (as long as your plan stays within the 90% guideline above).
HRP Remittance and Claim Form
Include all supporting documents. If expenses have been partially paid by an EHC or Dental plan, include the Claim Statement / Explanation of Benefits. For prescription medication, include official pharmacy receipt. If you email the claim to us, retain original receipts.
Get in touch with one of our team members who would be happy to answer any specific questions you have.
Specialized Risk Insurance
Your business may require insurance which is not commonly covered by typical benefit programs. This is where special risk insurance comes in. Special risk insurance is used for:
- MSP bridge coverage for new comers to the province
- Temporary foreign workers are not covered by group benefit plans
- Employees of Canadian-based companies working abroad for extended periods of time or in countries where group insurance travel coverage does not apply.
If you are uncertain about whether your benefit plan adequately protects any of your new or current employees, contact us, we can help you figure it out.
If an employee leaves your company and needs coverage during a transition period to a new job, or an employee is about to retire, our Replacement Plan, available to all our clients, fills that short term need and provides continued coverage well into retirement.
Request a Quote
Get in touch for your quote or to speak with a benefits expert.