A common complaint I hear from my patients is that they feel like they’re forced to rely on conventional medicine when dealing with their health issues because MSP won’t cover much of anything else. Extended medical benefits often cover up to $500 per year for acupuncture and a variety of other alternative medical modalities. $500 is a start, but runs out well before we’ve reached our health goals, and there is rarely any coverage at all for the herbal prescriptions.
And this only applies to those employed by companies that provide extended medical benefits. What if you’re self-employed?
A patient of mine who is self-employed as a personal trainer recently told me enthusiastically about a benefits plan for business owners that allows him essentially to write off ALL MEDICAL COSTS through his business! Intrigued, I approached a business associate (Grace Ng of FInd Insurance – @FInd_Solutions) to get to the bottom of what this was all about.
Here’s some information I plucked from a brochure sent to me by Grace.
The FlexSave tm insurance plan
- Escalating healthcare costs
- Limited cost-effective insurance alternatives
- Out-of-pocket expenses paid for in after-tax dollars
- CRA limits your ability to deduct due to the
3% medical expense tax rule
CRA legislation makes provision for business owners to deduct their healthcare costs as a business expense.
Anyone who owns a business qualifies (whether self-employed or incorporated), as well as their employees and dependants. There is no health questionnaire required.
What’s the Cost?
There are no premiums. There is a one-time set-up fee of $250, and the additional cost is a 10% administration fee (plus applicable taxes) on your actual expense
How great is that?
This is in no way the only plan out there. Many insurance companies offer similar plans. This is simply the plan provided by the insurer I asked. So, if you own your own business, do your health and finances a favor and get on a good plan.