Learn. All About the Plan
The plan has two components:
Your premium payments are made through payroll deductions. Your store owner may also contribute Flex Dollars to help pay for your coverage.
Base Benefits. Read more... Read less...
Health Care Spending Account
If you have any remaining Flex Dollars, they will be deposited into your Health Care Spending Account (HCSA) at Medavie Blue Cross.
- Your store owner may provide you with Flex Dollars.
- Flex Dollars are used to help you pay for the cost of the benefits you elect.
- Flex Dollars are first applied towards taxable Short Term Disability, Health Care, Dental Care, the Employee and Family Assistance Program (EFAP), Basic Life and Basic AD&D insurance.
- Each benefit option has a price tag that represents the cost of the benefit which you will be able to see as you are enrolling or re-enrolling. The cost of your coverage depends on the options you choose and the number of dependants you cover.
- After you’ve made your choices, you may have unused Flex Dollars left over, which will be directed to your Health Care Spending Account (HCSA).
Can LTD costs be paid with Flex Dollars?
- No. Long Term Disability (where eligible) costs are automatically paid through payroll deductions.
- Flex Dollars are provided by your store owner. By paying your LTD costs with payroll deductions, in the event you become disabled and qualify for LTD benefit payments, those LTD payments will not be subject to income tax.
Flex Dollar Hierarchy
When choosing your benefits, your Flex Dollars are distributed based on a hierarchy. Whether you have enough Flex Dollars to cover all your benefit elections depends on the coverage level you choose when selecting your benefits.
Any unused Flex Dollars are deposited into a Health Care Spending Account (HCSA) for you at Medavie Blue Cross. If you do not have any Flex Dollars left over after selecting your coverage, you will not have an HCSA.
You can receive reimbursement from an HCSA for health and dental expenses not covered under:
- This benefit plan,
- Your spouse’s plan; or
- Your provincial health care plan.
Eligible expenses include any medical expenses that you would be able to claim on your income tax return. This includes things like deductibles, amounts above the plan maximums and more—the list is long! The Canada Revenue Agency (CRA) decides what’s eligible—take a look.
In accordance with CRA rules, you have two years to use the money in your account, or you lose it! Here’s how it works:
- If you do not use the full balance in your HCSA in the year it is allocated, your unused account balance can be carried over into the next plan year.
- You must “use or lose” your year one remaining balance (the “carry-over”) before the end of year two.
How do I know if I have an HCSA?
- As you enrol, if you have unused Flex Dollars, you will be asked to confirm the deposit of those Flex Dollars to your Health Care Spending Account.
- At any point during the plan year, you can also check your confirmation statement under the “Benefits” tab on the Franchise Benefits Store, which reflects any HCSA amounts deposited at the beginning of the benefit year.
- If you have an HCSA, you can see your current balance on the Medavie Blue Cross website or in the mobile app.
You’ve Got Options
Take a look at the options available to you. (Owner options are detailed on the owners website.)
- Core
- Enhanced
- Premium
You can choose from three different levels of dental care coverage:
- Core
- Enhanced
- Premium
Short Term Disability Coverage (if available):
- You’ll find the details on your Short Term Disability coverage when you enrol on the Franchise Benefits Store.
Long Term Disability coverage (where eligible):
- Core
- Enhanced
- Premium
Don’t Forget About Your Beneficiary(ies)
Do you have a confirmed beneficiary on file? It ensures that:
- Your Life and AD&D insurance benefits are paid to your beneficiary (rather than your estate); and
- The benefits are not paid to someone you don’t want to receive them.
If there is no confirmed beneficiary, your insurance benefit will be paid to your estate.
You can now review, update (if necessary) and confirm your beneficiary all online through the Franchise Benefits Store.
