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MX Plan

Will This Work for Me?

The Medical Expense Account is a unique comprehensive health and dental plan that can be customized to meet your company's needs. Click below to view how the Medical Expense Account may apply to your particular situations.

View Our Case Studies Below

Your company does not have a benefit plan

The Medical Expense Account can be used as a stand-alone plan or it can be used in conjunction with a traditional insured program of group benefits.  The following is an example of how the Medical Expense Account can work when there is no benefit plan in place.

As a stand-alone plan, each employee classification can be assigned an annual reimbursement limit.  Different classifications of employees (i.e. Executives, part-time staff, etc.) may have different reimbursement limits.  Employees will be reimbursed for all eligible claims until they reach their assigned limit, at which point no further reimbursement will be provided. If there are unused balances in the employees accounts, an option is available to carry these amounts forward for one calendar year (at which time they will be forfeited if unused).

You already have individual health care coverage (i.e. Blue Cross)

In this example, you have individual health and dental coverage through Blue Cross, or some other provider, to cover yourself and your family. The Medical Expense Account will allow you to process any eligible claim through your company that Blue Cross disallowed or did not fully reimburse due to co-insurance amounts, reimbursement maximums, deductibles, or plan design limitations.

For example, your Blue Cross type plan may reimburse your dental expenses at 60% up to an annual total of $1,000.  With the Medical Expense Account in place, any dental expense above the $1,000 annual limit as well as the remaining 40% not reimbursed could be claimed through the Medical Expense Account.

You are covered under your spouse's benefit plan.

You own an incorporated business.  Your spouse has health and dental benefit coverage at their work and you are presently covered by your spouses benefit plan.  Your incorporated company implements a Medical Expense Account, which will pick up any charges either partially covered by your spouse benefit plan or disallowed due to plan design. In addition, you may cover your spouse so that any of their expenses, which may have been partially covered or disallowed due to plan design, are now 100% reimbursed.

In this situation, you, your spouse and your dependents would first process any claims through your spouses plan attaching all the original receipts. Once the Explanation of Benefits Statement arrives from your spouses group insurance company, attach this to the Medical Expense Account Claim Form and remit to Greenfield Benefits Inc.

You are the sole employee of your corporation

An incorporated business has one employee who is also the primary shareholder. The company implements a Medical Expense Account, which is structured to allow one eligible employee classification. In this instance, an executive class is formed and the employee and their dependents now claim all eligible health or dental expenses through the Medical Expense Account up to their annual maximum.

You have many employees in your corporation

For companies with many employees, the Medical Expense Account is an innovative solution to the challenge of providing cost-effective benefits to employees.

The Medical Expense Account can be structured to provide varying reimbursement limits to different classifications of employees (i.e. executives, part-time staff, etc.).  These limits can be tailored to coordinate with your company's overall compensation philosophy.

If your company has a traditional benefits program in place already, you can use the Medical Expense Account to cover items not included in your insured program such as orthodontics, laser-eye surgery, or cosmetic surgery.  The Medical Expense Account can even be used to cover items that are only partially covered by an insured program (because of co-insurance amounts or deductibles) to receive full reimbursement of these expenses.

You would like to enhance your company's existing benefit plan

If your company has a traditional benefits program in place already, you can use the Medical Expense Account to cover items not included in your insured program, such as orthodontics, laser-eye surgery, or cosmetic surgery.  Any items that qualify as medical expenses in the Income Tax Act will qualify for reimbursement under the Medical Expense Account.

Th Medical Expense Account can even be used to cover items that are only partially covered by an insured program (because of co-insurance amounts or deductibles) to receive full reimbursement of these expenses.  Employees can even coordinate the Medical Expense Account with coverage provided under a spouse's benefit plan.

The flexibility that employees have to allocate their benefit dollars to the areas that are of most importance to them is a key advantage of the Medical Expense Account.

 

Contact Information

Greenfield Benefits Inc.
Suite 206, 1117-1st Street SW
Calgary, AB  T2R 0T9

Toll-Free: (866) 262-4474
Local: (403) 262-4474
Fax: (403) 539-0868
www.greenfieldbenefits.com

info@greenfieldbenefits.com

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