Family Health Plan

PROGRAM DETAILS

Are you self-employed or run your own business?

Does your spouse or your child have significant medical expenses?

Are pre-existing health conditions preventing your spouse or your child from obtaining health insurance?

The Family Health Plan program converts eligible health, wellness, medical, and dental expenses into tax deductions and tax refunds, so you keep more of your money.

 

This program provides the following benefits:

  • Provides a comprehensive health benefits plan with zero monthly premiums, so your family gets more flexibility and value

  • Offers health benefits coverage for an immediate family member, even when they do not qualify for traditional health insurance

  • Enables your family to save hundreds or even thousands of dollars in health, wellness, medical, and dental expenses

  • Covers a wider range of health and wellness services than most traditional extended health benefits plans

  • Creates a "cafeteria-style" experience, so your family can choose the health and wellness services that they want to include in the plan, and not have to pay for other services they don't use

  • Eliminates annual caps, per-visit limits, co-insurance, and deductibles, so your family gets full coverage

  • Empowers self-employed workers, incorporated professionals, business owners, and "solopreneurs" to have a health benefits plan, even if they have no employees working for them

Built-In Additional Benefits

  • Multiple Plan Integration Benefit: If you want to keep your traditional extended health benefits plan, but also want more flexibility, this benefit enables you to combine the Family Health Plan program with an existing plan. This plan integration provides your family with the Top-Up Benefit and the Comprehensive Coverage Benefit.

  • Top-Up Benefit: Enables your family to cover expenses that exceed the limits (including annual limits, per-visit limits, co-insurance, and deductibles) of your traditional extended health benefits plan.

  • Comprehensive Coverage Benefit: Enables your family to cover expenses that are not included in your traditional extended health benefits plan.

Annual Tax Deduction Limits

  • Non-incorporated

    • $1,500 for yourself

    • $1,500 for your spouse or partner

    • $750 per child under age 18

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

    • Total tax deduction limit is a family limit, and can be used by any or all members of your family living in your household

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

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

  • Incorporated

    • Within reasonable limits

    • Benefits can be shared with your entire family living in your household

      • Any one member, several members, or all members of your family can use the benefits

Program Costs

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

    • Regardless how many dependents you have

  • 10% administration fee per eligible expense

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

Comparison of Health Benefits Plans

 

STEPHANIE AND LIAM'S STORY

 

Stephanie and Liam were always a strong couple, supporting each other through all the hardships and inspiring each other to keep pursuing their dreams.

After working for various software development companies for nearly a decade, Liam started to reflect on his life. With Stephanie's encouragement, Liam decided to start his own company and develop apps for the healthcare industry. Liam built a strong network of contacts in the healthcare industry, and started to earn a reputation as an innovator and a social entrepreneur. The major players in the industry took notice, and soon Liam was able to negotiate some large contracts.

Within a few years, Liam's business grew exponentially and generated $1.2 million annually in gross revenue. On the advice of his accountant, Liam decided to incorporate his business and drew an annual salary of $300,000. The accountant also suggested that both Liam and Stephanie do some research into health insurance. Liam was approved for health coverage, but since Stephanie was a type 1 diabetic, she could not obtain health insurance.

Life was good for Stephanie and Liam, until one day Stephanie started feeling numbness and weakness in her left arm and left leg, combined with occasional tingling and pain. Stephanie didn't think much of it at first, but her symptoms became worse and more frequent over time. They decided to consult with a health specialist and, after extensive testing, confirmed Stephanie had multiple sclerosis.

Unfortunately, the treatment costs were almost as bad as the diagnosis. The recommended drug treatment, Copaxone, costs $76,000 a year!

They researched possible funding options, and learned about the Family Health Plan program. After enrolling into the program, Liam was able to tax deduct $60,000 of Stephanie's drug treatment costs every year. With the tax deduction, they were able to save almost $29,000 in medical expenses every year!

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SAMPLE ELIGIBLE EXPENSES

This partial list is based on Canada Revenue Agency (CRA) guidelines for residents of BC. Eligibility varies by province/territory and is subject to change. Please refer to the CRA website for a complete list. For a complete list of eligible expenses, click here. For a complete list of eligible health practitioners, click here.

 

 

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