Frequently Asked Questions
Get your answers here
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?
What is Critical Illness Insurance?
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)?
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?
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.