Cost Plus Plan Advantages

The greatest advantage of a Cost Plus Plan is flexibility!  Your plan allows choose and what you use.

In addition:

  • All individuals are eligible regardless of pre-existing conditions, prior usage or age.
  • There are no deductibles or co-insurance amounts – 100% coverage.
  • There are no limits for the number of visits and treatments per practitioner.

You determine how much or how little you will spend in any given year.  Budget control and no creeping premiums!

What is an Eligible Expense Under a Cost Plus Plan?

Canada Revenue Agency has stated eligible expenses that qualify for reimbursement under a Cost Plus Plan are the same expenses that qualify under the Medical Expense Tax Credit (METC).  Including Medical, Drugs, Dental and Vision expenses.  There are not many limitations as to what is covered so the list of practitioners, services and products is quite extensive.  A general guideline of Eligible Medical Expenses is available for your reference.

Taxation Considerations of a Cost Plus Plan

  • A Cost-Plus Plan qualifies as a PHSP and any premiums paid to a PHSP by a company are considered business expenses and 100% deductible against business income.
  • All premiums paid and benefits received are 100% tax free to the recipient whether it is the owner of the company or its employees.