How Does it Work
& What's Covered?
CostPlus Plans are extremely easy to set up and administer!
Just go to our Forms page, select the Application, print it & fill it out.
If you need help we're just a call away and are happy to advise you!
Only one application for the whole company. No individual enrollments
Just print extra Class Description pages for more than one class.
That's it! Mail it in and we'll send you an Administration Package,
and initial supply of Claims Forms
You're ready to start submitting claims!
You can claim back up to a year in the same calendar year! So if you have old receipts & haven't claimed them on your personal income tax, then they can be reimbursed now!
FAST! CostPlus usually processes claims the same day they
arrive and reimbursement cheques are sent out the same day!
Your employees usually have their money in a few days!
And we don't charge cheque or deposit fees to your employees!
The entire amount, cost, plus processing fee, is then a deductible employee benefit expense for the company at tax time each year.
Claims can be submitted as they occur, weekly, monthly, quarterly...
or whatever you decide works best for you and your employees.
Reimbursements can also be made by direct deposit and forms submitted electronically along with Electronic Funds Transfer.
QUICK & EASY!!
Allowable expenses can include but are not limited to; Prescription medications,
vitamins and over-the-counter medications**, medical procedures and consultations, registered massage, eye exams & prescription eye wear, dental care visits and procedures, braces and orthodontics, physiotherapy, medical devices, orthotics,
therapy, chiropractic care, dentures, ostomies and care....
Other allowable expenses can include but are not limited to; transportation, medically needed devices & home improvements (e.g. wheelchair ramps), vehicle mods, out of country medical expenses, attendant care, private hospital, nursing home or institutional care, palliative care, rehabilitation, group home care...
CostPlus plans (Private Health Services Plans or PHSPs) are a provision in the tax act. Allowable claims are determined and set out by the CRA in Income Tax Folio
S1-F1-C1, Medical Expense Tax Credit, page 8, subsection 1.18 (see our Forms page). Or you can view CRA Eligible Medical Expenses also on our Forms page.
Very basically, any service performed by, or item requiring a prescription issued by, a
licensed medical practitioner, practicing in their licensed field, is an allowable medical
expense & eligible for reimbursement through CostPlus.
See CRA information above for an entire list or ask us if you have any questions about allowable claims. Medical Practitioners can include but are not limited to: audiologist, dentist, medical doctor, medical practitioner, nurse, occupational therapist, optometrist, pharmacist, physiotherapist, psychologist, speech-language pathologist, registered massage therapist, orthodontist, denturist, chiropractor, naturopath...
* Plus Applicable tax, Currently 8% PST (yes till applicable) and 2% Premiun Tax
HST not applicable as CostPlus is an add-on to existing plans & insured premium
** The CRA allows non-prescription medications & vitamins as allowable medical expenses.
Up to and not exceeding 10% of annual medical expenses can be non-prescription,
over-the-counter items and can be claimed through a Private Health Services Plan.
Please see the CRAs New Position on PHSP Claims on our Forms page for more details.