A Flexible Way to Manage Medical and Dental Expenses
Finding the right health benefits solution for a small business does not have to mean committing to a traditional plan with ongoing monthly premiums.
FlexSave™ provides eligible business owners with a flexible way to help cover medical and dental expenses for themselves, their employees, and eligible family members.
Instead of paying ongoing premiums regardless of how much the plan is used, FlexSave is structured around funding healthcare expenses and administration based on actual claims.
For some business owners, it can provide a simpler and more flexible way to manage healthcare costs while also complementing existing group or spousal coverage.
Want to know whether FlexSave fits your business?
[ Talk to Schwartzman Financial Group ]
What Is FlexSave?
FlexSave is a flexible healthcare benefits solution designed with small business owners in mind.
It can help employers provide coverage for eligible medical and dental expenses without the ongoing premium structure associated with many traditional group insurance plans.
FlexSave may also be used alongside existing benefits. This can be particularly useful when a group or spousal plan includes deductibles, coinsurance, coverage limits, or expenses that are not otherwise covered.
Depending on the business and plan structure, FlexSave can provide access to a broad range of eligible healthcare expenses while giving the employer greater control over how benefits are funded.
Why Business Owners Consider FlexSave
No Ongoing Monthly Premiums
FlexSave does not rely on traditional ongoing monthly insurance premiums.
Instead, costs are tied more closely to the healthcare benefits actually being used.
For businesses looking for greater control over benefit spending, this can provide a more flexible alternative to a conventional benefits structure.
Potential Tax Advantages for Your Business
The FlexSave plan materials describe eligible healthcare costs paid by the business as deductible business expenses, while qualifying benefits received by employees may be non-taxable.
The exact tax treatment depends on your business structure, plan setup, eligibility, and applicable tax rules.
Schwartzman Financial Group can help you understand how a FlexSave strategy may fit alongside your broader tax, insurance, and financial planning.
Expand Your Existing Benefits
Already have health insurance?
FlexSave does not necessarily have to replace it.
It can be used to supplement existing group insurance or coverage available through a spouse’s plan.
This can help address expenses that may otherwise be affected by:
- Deductibles
- Coinsurance
- Coverage maximums
- Excluded treatments
- Limited practitioner coverage
Broad Range of Eligible Expenses
FlexSave can cover many of the healthcare expenses commonly found within traditional employee benefits programs, along with certain expenses that may not always be included within a standard benefits package.
Convenient Online Administration
FlexSave includes online plan administration and claims functionality, helping make it easier to manage benefits without adding unnecessary administrative complexity.
Who Is Eligible for FlexSave?
FlexSave is designed primarily for certain Canadian business owners.
According to the FlexSave plan information, eligibility can include:
Incorporated Business Owners and Operators
Owners operating through an incorporated business may be eligible to establish FlexSave coverage.
Sole Proprietors With Arm’s-Length Employees
Certain sole proprietors may also qualify when they have arm’s-length employees.
Eligibility depends on your individual circumstances and the structure of your business.
Not sure whether your company qualifies?
[ Ask Us About FlexSave Eligibility ]
What Can FlexSave Cover?
FlexSave is designed to support a broad range of eligible medical and dental expenses.
A general guiding principle is that treatment should be medically necessary rather than primarily cosmetic. Individual expenses remain subject to eligibility requirements and plan rules.
Examples can include:
Dental Expenses
Eligible dental expenses may include services such as:
- Dental examinations
- Cleanings
- Fillings
- Crowns and bridges
- Dentures
- Root canals
- Oral surgery
- Dental X-rays
- Orthodontic treatment
- Extractions
- Gum treatment
Medical Practitioners
FlexSave may provide coverage for services delivered by eligible healthcare practitioners, including:
- Physicians
- Dentists
- Physiotherapists
- Chiropractors
- Psychologists
- Massage therapists
- Optometrists
- Ophthalmologists
- Naturopaths
- Nurses
- Speech therapists
- Surgeons
- Other eligible medical practitioners
Prescription, Vision and Medical Treatment
Depending on eligibility, expenses can include:
- Prescription medication
- Eyeglasses
- Contact lenses
- Laser eye surgery
- Insulin treatment
- Vaccinations
- Laboratory testing
- Diagnostic testing
- Prenatal and postnatal care
- Certain fertility-related medications and treatments
- Hospital-related expenses
Medical Equipment and Other Healthcare Expenses
Certain healthcare equipment and specialized expenses may also qualify, including examples such as:
- Hearing aids
- Wheelchairs
- Walking aids
- Crutches
- Diabetic supplies
- Prosthetic devices
- Oxygen equipment
- MRI scans
- CT scans
- Pacemakers
- Certain medically required transportation expenses
Some expenses may require a prescription or other documentation before they are considered eligible.
FlexSave Can Complement Your Existing Health Coverage
One of the advantages of FlexSave is that it does not necessarily require an all-or-nothing decision between FlexSave and traditional insurance.
If you already have health benefits through an employer, a spouse, or another group plan, FlexSave may be able to help cover eligible expenses that remain after your existing coverage has been used.
For a business owner, this can create another layer of flexibility while helping manage out-of-pocket healthcare expenses.
How Is FlexSave Funded?
FlexSave provides several funding options for employers.
Depending on the arrangement, funding may include:
- Regularly scheduled monthly contributions
- Periodic deposits through internet banking
- Cheque deposits
This allows businesses to choose a funding approach that fits their cash flow and benefit strategy.
Claims and plan administration can then be managed through FlexSave’s online system.
What Does FlexSave Cost?
Rather than charging ongoing monthly premiums or membership fees, FlexSave uses an administration-based fee structure.
This can allow employers to tie more of their benefit costs to actual plan usage instead of paying a fixed premium every month.
Optional Pricing Callout
Only publish this section after confirming current FlexSave pricing with HUB.
The supplied FlexSave documentation lists:
- No ongoing premiums
- No membership fees
- A one-time $250 setup fee
- A 10% administration fee on actual claims, plus applicable taxes
Because plan pricing can change, speak with Schwartzman Financial Group for current FlexSave costs and program details.
Is FlexSave Right for Your Business?
There is no single benefits structure that works for every business.
FlexSave may be worth considering if you:
- Own an incorporated business
- Operate an eligible sole proprietorship
- Want to provide healthcare benefits without traditional monthly premiums
- Want greater flexibility over employee medical and dental spending
- Already have benefits but want additional coverage
- Want to explore more tax-efficient ways of paying eligible healthcare expenses
- Want a simpler benefits solution for a smaller organization
The right solution depends on your business structure, employees, healthcare needs, existing insurance coverage, and broader financial strategy.
Get Help Choosing the Right Benefits Strategy
Employee benefits should work with your business, not add unnecessary complexity to it.
Schwartzman Financial Group can help you review your existing coverage, business structure, and healthcare needs to determine whether FlexSave should form part of your benefits strategy.
Alexei Schwartzman
Schwartzman Financial Group
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Frequently Asked Questions About FlexSave
Does FlexSave Have Monthly Premiums?
The FlexSave materials state that the program does not charge ongoing monthly premiums. Administration costs are instead associated with claims and plan setup. Current pricing should be confirmed before establishing a plan.
Who Can Use FlexSave?
The plan information identifies incorporated business owners/operators and certain sole proprietors with arm’s-length employees as potential participants. Eligibility is subject to the requirements of the plan.
Can I Use FlexSave If I Already Have Health Insurance?
Yes. FlexSave can be used to expand healthcare options when other group or spousal coverage is already in place, subject to plan rules.
Are FlexSave Expenses Tax Deductible?
The FlexSave materials describe eligible employer healthcare costs as tax deductible and qualifying employee benefits as non-taxable. Tax treatment depends on the specific business and plan structure, so current tax guidance should be considered before implementing a plan.
What Medical Expenses Can FlexSave Cover?
FlexSave can cover a broad range of eligible medical and dental expenses, including dental treatment, prescription medication, vision care, eligible medical practitioners, diagnostic procedures, medical equipment, and other qualifying healthcare expenses.
Does FlexSave Cover Cosmetic Procedures?
The FlexSave materials state that the general principle for eligibility is that treatment must be undertaken for medical rather than cosmetic reasons.
Can FlexSave Cover Expenses That My Existing Plan Does Not?
Potentially. FlexSave can supplement other health coverage and may provide access to certain eligible expenses that are excluded, limited, or only partially covered by a traditional group plan.
Important Information
FlexSave eligibility, covered expenses, fees, tax treatment, and program terms are subject to the applicable plan rules and may change over time.
Information on this page is provided for general informational purposes and should not be considered individualized tax, legal, insurance, or financial advice.
Contact Schwartzman Financial Group to discuss your circumstances and confirm current FlexSave program details.
