Dental/health care plan options for us self-employed

[Claire Monet]

Does anyone have any suggestions or recommendations for dental/health care plans for those of us who are self-employed?

Unlike many people I actually like going to the dentist and try to have my teeth cleaned every 3 months or so but the costs add up. Check ups every 6 months. I had to have a crown replaced a while back but was luckily still on my ex's plan... Boyfriend is gone and so is the coverage.

As for medical I just have a couple of basic prescriptions, but definitely noticing the difference without the coverage.

Thoughts? Any companies you'd recommend or ones to steer clear of? Thanks for any insight!

 

[badbadboy]

hi Claire

I have purchased extended benefits via the Canadian Professional Sales Association. It's a yearly subscription which provides me with discounts for travel and health/dental benefits. I didn't have to tell them what my business was and I assume they would be happy to take your money too

http://www.cpsa.com/membershipSavings/insurance.aspx

I suggest you might call Blue Cross too. They sell health benefit insurance to individuals too.

 

[Jethro Bodine]

I personally like Healthcare Spending Accounts. They give you more flexibility because while you do have yearly limit you can claim, you are not locked into the artificial limits imposed by most plans such as so much for dental, so much for eye glasses, etc. That way if you have a year when let's say your dental care expenses are lower but you might want to buy 3 new pairs or eye glasses or spend it all on massage, you can.
You do fund the plan so it is not like you are not paying for these . You just get to pay for them as a business expense which is tax deductible.
Ask your accountant if this would work for you rather than a conventional plan.

Cheers

 

[McDiver]

I personally like Healthcare Spending Accounts. They give you more flexibility because while you do have yearly limit you can claim, you are not locked into the artificial limits imposed by most plans such as so much for dental, so much for eye glasses, etc. That way if you have a year when let's say your dental care expenses are lower but you might want to buy 3 new pairs or eye glasses or spend it all on massage, you can.
You do fund the plan so it is not like you are not paying for these . You just get to pay for them as a business expense which is tax deductible.
Ask your accountant if this would work for you rather than a conventional plan.

Cheers

I am using a HSA and agree, but you have to be self employed or have a business and pay taxes for this to work. This option is normally much more cost effective than insurance and do not have any exclusions and restrictions etc.

 

[wilde]

Start your own private health services plan, consult with your accountant. It must be administered by an approved third party. If you need more info, please PM.

 

[resercher]

not a dental plan exactley but I have gone to the dental school the olny two things are it usually takes longer as the instructors check the students work and instruct them and sometimes they have to re do stuff also you have to be carful that the students are not asking you to do something to fulfill a corse reqirement . Im not talking about fillings or anything but maybe they need to lern how to use a new teeth whitening tool for example . but it cost less than a regular dentist but expect to spend a few hours there.

 

[nickcan]

not a dental plan exactley but I have gone to the dental school the olny two things are it usually takes longer as the instructors check the students work and instruct them and sometimes they have to re do stuff also you have to be carful that the students are not asking you to do something to fulfill a corse reqirement . Im not talking about fillings or anything but maybe they need to lern how to use a new teeth whitening tool for example . but it cost less than a regular dentist but expect to spend a few hours there.

Isn't this primarily for low income individuals?

I would think she would want experienced hands working on her teeth.

 

[McDiver]

Start your own private health services plan, consult with your accountant. It must be administered by an approved third party. If you need more info, please PM.

Private Health Services Plan and Health Spending Account are basically the same thing.

 

[wilde]

Private Health Services Plan and Health Spending Account are basically the same thing.

Yes indeed but I think PHSP is the proper term. The trick is to set it up correctly so that it'll stand up to the CRA's scrutiny. I have seen many clients do it incorrectly. There are exclusions contrary to your post above but I am not about to discuss it at length here.

 

[Claire Monet]

Thanks for all the input so far. JB I like your suggestion where funds could be allocated based on need.

Can anyone provide an estimate of monthly/yearly costs for coverage?

I'm aware of dental schools/pre med options but they really don't appeal to me. It's nice to know they're out there, but I'm quite content with my dentist and family doctor.

 

[Larry Storch]

http://www.olympiabenefits.com/ Olympia HSA

 

[vancity_cowboy]

larry's is a good suggestion. how these plans work for individuals is that they charge a reasonable monthly rate to start. then they review your usage after a year and adjust the rate so you pay approximately what you spend annually plus their handling costs and profit, divided by 12 every month

so there is no 'benefit' actually, other than having an averaged monthly payment rather than paying lump sums every so often when you get work done. the payments are tax deductable if your accountant sets it up right, but then medical costs are tax deductable after $3000/yr anyway

so as always, a good accountant can best advise you how to go

 

[Larry Storch]

Thanks VCC. Haven't had to use it yet so I can't walk anyone through the process, but it seems very straightforward.
As ALWAYS, run it by your accountant.

 

[Jethro Bodine]

http://www.olympiabenefits.com/ Olympia HSA

That's who I use also.

 

[Ms Erica Phoenix]

...

so as always, a good accountant can best advise you how to go

I have a need for one of these....please PM or text!

 

[McDiver]

but then medical costs are tax deductable after $3000/yr anyway

You are referring to a Medical Tax Credit. A HSA is always better than a Medical Tax Credit. A HSA allows you to deduct all the expenses as a business expense, where as a Medical Tax Credit only allows you to get a tax credit for expenses in excess of (I think it is around $2 200) and the credit is at the lowest tax rate.

 

[Larry Storch]

[offtopic]

http://www.olympiabenefits.com/ Olympia HSA

That's who I use also.

Hmmm, there has to be some kind of comment about two 1960's television characters having the same insurance company, but I can't come up with anything just now.
[/offtopic]