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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 an 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.

Executive Benefit Packages

Business Executives have unique insurance needs. As key people in the company, managing their risks is essential to the success of the business. Some of the coverage options that may be specific to an executive class could include a combination of traditional & non-traditional benefits such as:

  • Group Disability Top-up
  • Medical Second Opinion Services
  • Personal Spending Account (Health & recreational memberships, sports equipment, etc.)
  • International Life, Disability, Health & Dental Benefits
  • Health Assessment & Management Services
  • Private Health Services Plan-PHSP (Cost Plus/Health Care Spending Account-HCSA)
  • Diagnostics & Specialist Access Insurance-DSAI
  • Partners Life coverage (Buy/Sell Insurance)
  • Key Person Insurance – generally key person insurance comes in the form of term life insurance or disability insurance and would be owned and paid for by the company
  • Personal Life & Disability coverage
Customized Consulting Services

A time comes when your business requires you to find professional expertise to dig deeper into your employee benefits program’s inner workings.

ICBA Benefits is staffed with group benefits experts with proven track records of managing large and complex employee benefit files for a variety of employers and plan sponsors. No matter your industry sector or the size and complexity of your programs, our team can help you.

By working with ICBA Benefits, you can be sure that you are building programs that support your corporate culture  and allow your business to maintain its competitive edge in the labour market.

Negotiating Power and Expert Advice

ICBA Benefits' size allows for full market access to all insurers and our negotiating power will get you the competitive benefits package your business deserves.

By working with our consulting experts, you can create a benefit program that supports your corporate culture and allows your business to maintain a competitive edge in a tight labour market.

Financial Management

Personal and Corporate Financial Planning

You and your employees have your own personal financial planning needs. At ICBA Benefits, 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 Benefits 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.

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Whatever your insurance coverage needs are, we're here to help life go right.
Get in touch for your quote or to speak with a benefits expert.