As Low As $55 Per Employee
Control your benefit costs
With a Benefit Wallet
Canada’s First true Benefit Wallet
Introducing Canada’s first true employee Benefit Wallet – a simple, flexible and affordable approach to group benefits. Employers give employees a virtual Benefit Wallet loaded and available to spend on healthcare and wellness expenses, to purchase personal insurance, to invest in an RRSP or to give to the charity of their choice.
The Benefit Wallet is a tax deductible business expense for the company and most expenses are not considered taxable income for your employee. Pricing is simple – the employer pays for the expenses plus 10% administration fee on claimed expenses only. If the employee does not claim, the employer does not pay!
If you are a business owner, sign up instantly with no risk, no obligation and no cost. We will date-stamp your account and send you an email with everything you need to get started. You and your employees will then be eligible to start claiming expenses incurred after the date-stamp. All you will need to do is fill in the online paperwork and you will be ready to go.
Under 10 Minutes
You can get started in under 10 minutes
You can get started in under 10 minutes
It takes less than 10 minutes for the company to sign up and even less than that for each employee.
Spend and Submit
Employees can purchase the health and wellness services or products of their choice and submit the receipt by our simple smartphone app.
We will process the claim and transfer the expense amount from the employer’s account directly to the employee’s account in 3-5 business days.
Get what you need
As an employer, you decide how much to offer your employees in their Benefit Wallet and as an employee you can spend your benefit dollars on the types of expenses most suitable for you.
Employers can allow their employees to allocate their benefits between any or all of the following options.
Employers can also protect their employees with affordable group insurance for major, unforeseen situations.
How Much Do Benefits Cost?
With a Benefit Wallet, employers assign each employee a maximum amount of benefits they can claim each year, but the employer only pays for expenses that are actually claimed plus a 10% administration fee. e.g. If the employee is given a maximum of $1,000 for the year, but only spends $100, the company only pays $110. There are no start up costs, no monthly premiums, and no hidden fees.
Do You Work with Chamber of Commerce or Board of Trade Members?
There are a number of Chamber of Commerce benefits plans available to their members. We are happy to cooperate with Chambers of Commerce and Boards of Trade to set up customized plans specifically for their members to provide benefits for employees. Of course, we are very happy to provide competitive group benefits for small businesses directly.
What’s the Difference Between a Healthcare Spending Account and a Wellness Spending Account?
Healthcare Spending Accounts (HSA) and Wellness Spending Accounts (WSA) are both Flexible Spending Accounts. As the name implies, these types of plans give employees an allotment of funds for employee benefits that employees can spend in the way that best suits their individual requirements.
An HSA covers qualified medical expenses such as prescription drugs, dental visits, chiropractor or massage, as well as many other expenses not covered by a provincial health plan. The Canadian Revenue Agency considers these to be non-taxable income, which means that when a company gives them to an employee, they are not added to the employee’s income for tax purposes.
A WSA covers wellness related expenses such as gym membership, sports league fees, and educational costs. Because they are non-medical, the CRA considers them to be taxable income, so they are added to an employee’s income for tax purposes.
What About Major Expenses?
In addition to a Benefit Wallet, an employer may opt to get group insurance for employees to help coverage for major, unforeseen events. This can include Major Medical (Catastrophic), Travel, Life, Long-Term Disability and Critical Illness. Employees are also free to use their Benefit Wallet to purchase individual plans to supplement their group plans or to fill in gaps when no coverage is provided by the employer.
How Do These Employee Benefits Compare to Traditional Health and Dental Plans?
Our Benefit Wallet is more simple, flexible and affordable than the traditional group plans that are often offered by larger corporations. It is very simple for the employer to set up and the employee to get on-boarded; employees get to choose which benefits they want to use; and the costs are less expensive for the employer.
We have been very happy with the flexibility available through BeniPlus’ Benefit Wallet. The Benefit Wallet has allowed our employees to choose to allocate benefits in the areas they actually use depending on their health, wellness, and retirement needs. This allows for employees to choose coverage that is both flexible to their needs, but also comprehensive in what it covers – it’s something we are proud to offer to employees and have received a lot of positive feedback on.
Head of Finance and Administration
“Small business owners often want to provide benefits for themselves and their employees, but may not have the resources or time to set up and run a traditional group insurance program. We have built our simple, flexible and affordable benefit wallet specifically for them.”
Co-Founder and President
We see a gap in the market for group benefits – small businesses. Most group benefit consultants and brokers are focused on medium and large companies with over 100 lives. That means small businesses are often underserved. Our Benefit Wallet is meant to serve this market by making it easy and affordable for small businesses to get benefits for their employees.
Request our White Paper
Health and Wellness Benefits and Insurance for Small Businesses
Get affordable benefits for your employees and:
- Increase your employee retention rates
- Increase your attractiveness as a employer
- Provide the flexibility your employees need
- Provide benefits AND control your costs