Welcome to BeneCo
BeneCo (division of The Benefit Specialists Corp.) is a third party administrator. BeneCo has been in operation since 2005. Our friendly service team focuses on providing options for your business and is available to discuss your company's needs and will design a plan that works for you.
What is a Cost Plus plan?
A Cost Plus plan can be used to reimburse expenses that are not covered by group insurance plans or government healthcare. It can also be used when there is no group health plan offered by an employer. As business owners your health and dental care expenses can be paid with pre-tax dollars through your company.
It is designed to be a Private Health Services Plan under the Federal Income Tax Act. Through this act, claim payment can be deducted as a business expense by the employer whilst keeping claim payment non-taxable to the employee.
How do I qualify?
You qualify if you operate an incorporated business or a limited company. The size of your business is not a factor. Please review Income Tax Folio S1-F1-C2- Medical Expense Tax credit under the Government
website - (www.cra-arc.gc.ca).
What does the plan cover?
The plan covers 100% of all eligible medical, dental and vision care.
How does it work?
An initial set up fee of $350.00 to establish the trust would be paid in advance. An annual maintenance fee of $100.00 will be implemented on the yearly anniversary date of the trust.
The fee for administering Cost Plus is based on 10% of the claim amount, plus applicable taxes (minimum claim dollar amount of $150.00). We will provide full disclosure of your accounts for future audit control and employee/employer information.
What are the Advantages to set up a BeneCo Plan?
|FOR THE COMPANY||FOR THE OWNER|
|100% Tax Deductible||100% Coverage of all Health, Vision and Dental Costs|
|No monthly premiums||Tax Free Benefits|
|Employer can decide level of coverage,
options and class structure
|Can amend plan based on the owner's discretion|
|Fast Claims Processing along with Flexibility||Can supplement existing group coverage|