Download CDSPI Group Benefits

i n f o r m at i o n s h e e t
CDSPI
Group Benefits
Through the CDSPI Group Benefits plan,
Who is eligible to apply for CDSPI Group Benefits?
dentists (outside of Quebec and Ontario) can protect
You are eligible to apply for CDSPI Group Benefits if you are a
themselves and their immediate family — or everyone
licensed dentist resident in Canada and a member of the CDA
employed in their practices — with employee group
or a participating provincial or territorial dental association.
benefits. Offered through Quikcard, the highly
customizable plan allows dentists to tailor the
benefits package for their distinct staffing and
budgeting needs. Dentists create their own custom
CDSPI Group Benefits are not available to dentists in Quebec
and Ontario.
In order for you to obtain CDSPI Group Benefits for you and your
family only (and not employees of your practice), you must have a
professional corporation or be a sole proprietor.
packages by selecting the types of health services
they want and the limits for employees. To manage
What are the available health benefit options?
expenses for more serious circumstances, a full range
The CDSPI Group Benefits plan offers a range of health benefit
of employee group insurance products is also
options, including coverage for:
available, such as life, disability† and travel insurance.
• Vision: Prescription eyeglasses and contact lenses
A group benefits plan can help dental practices attract
•Extended health: Health costs beyond prescriptions, such as
and retain quality employees, and improve the health
and morale of the office team.
† Long term disability insurance is not available to dentists under CDSPI Group
Benefits, but is available to dental office staff. Dentists wanting disability insurance
can contact CDSPI for information about the Long Term Disability Insurance plan
available through the Canadian Dentists’ Insurance Program (www.cdspi.com/ltd).
hospital stays, ambulances, diabetic supplies and more
• Dental: Basic, major and orthodontic dental services
•Prescription drug coverage: Long-term medication or
monthly maintenance prescription requirements
•Stop Loss: Prescription drug coverage in the case of an
unexpected medical event that necessitates costly drug
treatment
continued...
What are some of the flexible benefit solutions
offered by CDSPI Group Benefits?
You can choose to obtain benefits through a traditional insured
plan, or through a Health Spending Account (HSA), which is not
an insured product. The HSA can be fully funded by the employer
(or if desired, also in part by employees). The funds are
administered by Quikcard and used to pay for health claims for
participating employees. Most health treatments are eligible for
coverage under an HSA.
The dentist/employees contribute monthly to the HSA.
Typically, HSAs are set up so that there are some limits on
individual expenses (e.g. claims up to $1,000 per employee
per contract year) or on types of expenses that can be claimed
(e.g. vision and prescription only). These limits are determined by
the employing dentist, not Quikcard. The dentist chooses what
and how much can be claimed, offering incredible flexibility and
cost-certainty.
Are Health Spending Accounts and health benefit
insurance plans tax effective?
The money placed in a Health Spending Account by the
corporation may be eligible for a corporate tax deduction and
certain fees paid toward employee health benefits may qualify as
tax-deductible business expenses. Ask your accountant about
the possible tax advantages for your practice.
Does my practice need a Health Spending Account
and health benefits insurance?
Quikcard’s friendly advisors can help you determine the best
benefits package for your dental practice, at the most affordable
cost. For example, you may choose to use a Health Spending
Account to cover everyday costs, such as dental check-ups or
prescription drugs, combined with group insurance to manage
more serious health concerns.
How much will it cost?
Group insurance products are competitively priced and
provided by leading insurance providers in Canada. Pricing
varies depending on the demographics (age of employees etc.)
of your practice.
With a Health Spending Account your monthly fee is determined
by the amount of coverage you establish for your plan. There
are no start up, cancellation, or yearly fees for Health Spending
Accounts. A low fixed administration fee of 12% is charged by
Quikcard only when claims are processed.
A Quikcard representative can prepare a customized proposal,
which includes pricing for the coverage you request for your
dental practice.
What happens to the money that accumulates in a
Health Spending Account?
As the plan owner, the employer owns any unused money...
just like there are no sign-up fees to start the plan, there are no
interest or penalties charged on money accumulated in the
account. That money belongs to the plan owner and can be
refunded in full, used to reduce the monthly payments for the
next year, used to top-up existing coverage for employees
currently covered or just pooled in the account for those
‘just in case’ claims that come along from time to time.
What advice and administrative services can
I expect?
In addition to providing the information and advice you need
to make the best decision for your dental practice, you’ll obtain
assistance to help your employees sign up quickly and
conveniently, easy administration, superior customer service
and prompt claim payments. Employees can check the status of
their Health Spending Accounts online, and administrators in the
practice can add or remove members from the plan and view an
up-to-date company statement online.
To learn more about CDSPI Group Benefits,
contact CDSPI Advisory Services Inc. at
1-877-293-9455, ext. 5002.
The CDSPI Group Benefits plan is a member benefit of the CDA
and participating provincial and territorial dental associations.
CDSPI Group Benefits are not available to dentists in Quebec
and Ontario. The plan is provided by Quikcard, with insurance
products provided by selected Canadian insurers and arranged
for by Quikcard Benefits Consulting Inc. and CDSPI Advisory
Services Inc. Quikcard (www.quikcard.com) administers
comprehensive, innovative group benefits solutions for thousands
of companies in Canada. CDSPI is a leading provider of insurance
and investment solutions for the Canadian dental community
(www.cdspi.com).
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