FAQ - BeniPlus

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  • Fill in some basic information and 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 claim healthcare and wellness 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.
    I hereby confirm that I am the owner of the company or authorized by the owner of the company to set up a group benefit plan for the company.
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Frequently Asked Questions

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Click through the questions below to get the answers to some of the most frequently asked questions we receive.

Do We Need to Take the Group Insurance?
No. You can opt only to have a Benefit Wallet with no group insurance products. We can also make the insurance products available to your employees on an individual basis, who can purchase it using their Healthcare Spending Account (HSA) or the Wellness Spending Account (WSA).
What is Critical Illness Insurance?
Almost half of all Canadians will develop cancer during their lifetimes and 3/4 of them will survive. Critical Illness Insurance addresses life altering events due to illness. While provincial health care covers most major medical expenses due to critical illness while in a hospital, there are other expenses that a patient may have to incur outside of the hospital. To address this gap, the BeniPlus Critical Insurance plan offers lump sum coverage in increments of $20,000 in cases of life-threatening cancer, heart attack, coronary artery bypass surgery, stroke and other major illness events. Employees are free to use this money to cover medical or any other expenses they wish.
How Many Employees Do I Need to Enrol?

You can set up a Benefit Wallet, including a Healthcare Spending Account (HSA), a Wellness Spending Account (WSA), RRSP, Charitable Giving, and Major Medical and Travel with only one employee, but it will generally require 3 or more employees to get other group insurance. Alternatively, small companies with only 1 or 2 employees, can opt to set up a Benefit Wallet and then to take individual insurance plans for each employee. We are happy to work with you to find a suitable solution.

What is the difference between an HSA and WSA?

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What is a Wellness Spending Account (WSA)?
There has recently been a steady increase in the understanding for the need for physical and mental wellness in the community and in the workplace. Overall wellness is important not only to your employee, but it can affect you, as their employer, as well. A BeniPlus Wellness Spending Account (WSA) is an opportunity for employers to support their employees’ wellness through the allocation of benefit dollars for non-medical, wellness expenses.
Each employee is given a certain amount of benefit dollars each year that they can spend on various health and wellness costs. They are then able to allocate a certain portion of their total benefit dollars towards wellness spending and to spend those dollars on those things most important to them. The benefits that are available to an employee can include gym membership, fitness equipment, sports fees or lessons, child or elder care, as well as pet care or insurance.
Similar to an HSA, a WSA is an allocation of benefit dollars by the employer to the employee. While both are tax deductible by the company, according to the CRA, benefits under a wellness spending account are considered taxable income to the employees.
How Long Does A Claim Take?

A claim in a Healthcare Spending Account (HSA) or Wellness Spending Account (WSA) takes 3-4 days for reimbursement. Claims on group insurance will vary depending on which type of insurance is being claimed against and the circumstances of the claim itself.

Can Employees Buy Individual Insurance?
Yes. The insurance products are available either as a group plan (everyone is covered) or on an individual basis. We have a number individual insurance products to match your employees’ requirements. They can then pay for those through either their Healthcare Spending Account (HSA) or Wellness Spending Account (WSA), depending on which insurance product they take.
Difference Between Critical Illness and Major Medical?

The main difference between Critical Illness Insurance and Major Medical Insurance is the nature of the coverage

Critical Illness Insurance pays a lump sum of money if the policy holder is afflicted with a covered disease or illness and survives for a certain amount of time after diagnosis. The money can be used at the policy holders discretion.

Major Medical Insurance on the other hand, covers medical and other expenses related to a major medical condition while in the insured’s home province.

Who Directs the RRSP?

Once contributions are made into the RRSP, the employee is free to direct how those funds are invested within the plan. They will be connected directly with the RRSP manager to make those decisions.

How Much Disability Insurance Can I Get?

Long-Term Disability Insurance coverage is normally based on a percentage of your income. Our plan covers 75% of your income up to a total of $3,500 per month with no underwriting. This can be increased to $6,500 with financial underwriting.

How Do I Contribute to an RRSP?

The BeniPlus Benefit Wallet helps employees prepare for retirement by investing some of their benefit dollars into a group Registered Retirement Savings Plan (RRSP).

Employees decide how much of their benefit dollars they want to put into their plan and employers decide if they want to match their employees’ contributions or make other contributions as well.

Once a plan is set up, we will take care of making contributions from the employer’s bank account into the employee’s RRSP plan on a monthly basis.

Are Premiums Tax Deductible?

In according with CRA regulations; All of the expenses and premiums paid out through the BeniPlus plan are tax deductible to incorporated companies as expenses.

Most of the benefits are received by an employee as non-taxable income, but there are certain expenses and insurance coverages that are not. You should contact your accountant to confirm how the plan will affect your taxes.