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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). 12-483 04/13