account, at 100 per cent reimbursement. Other non-traditional expenses are also covered such as laser eye surgery, nursing home care, homeopathy, speech therapy, MRI scans, cosmetic surgery, hair trans- plant, naturopathy, fertility drugs, insulin treatment, dental implants and Viagra. WHy CHOOSE THIS OPTION? There are numerous reasons a business may want to consider a health and welfare trust, or health spending account, in lieu of, or in addition to, traditional health/ dental alternatives. 1. Currently paying health/dental expenses personally Many self-employed individuals/busi- nesses do not currently have any program in place for employee health and dental expenses. A health and welfare trust, or health spending account, can provide a mechanism to have these health-care ex- penses paid from a far more tax-efficient place without the company having to qual- ify, or put in place a traditional employee benefit plan. 2. Have investigated insurance but feel frustrated with the premium required versus benefits Many self-employed individuals/ businesses have investigated health/ dental coverage but did not pursue it for any of the following reasons: • The company was too small to have real “purchasing power” with the insurance companies. • The company was too new or in an industry where insurers are not interested in providing benefits. • The majority of the company’s workforce had coverage through spousal plans. • The company’s workforce wanted control over where they could use funds without being restricted by co-insurance or low maximums in each category (i.e., dental, vision care, chiropractic, etc.). The health and welfare trust, or health spending account, program can address many of these issues as it does not restrict where the allotted dollars per employee are utilized and can even be used to run through the deductibles, co-insurance and amounts beyond the maximums in a spouse’s plan. multiple techniques. the tt-550 multi-therapist table: Welded steel construction Maintenance-free High-grade materials Modern design Handcrafted in Canada 3. Want to reduce/eliminate poten- tial increases in health/dental insur- ance premiums Since a health and welfare trust, or health spending account, is not insurance in the traditional sense, some employers are drawn to the concept of “fixing” their health/dental funding. Employers under a these programs know that they will not receive rate reviews/increases annually based on their employee usage. Often these employers will use the program on its own, or perhaps as a means of complementing a component of their plan – dental, health, etc. – that may be seeing heavy usage and rate pressure. The program can also be used to run through amounts that were not covered under another plan, such as the deductibles, co-insurance amounts, and amounts beyond the maximums. Businesses today always need to be aware of what’s out there and how they can save money. It is important to look at alter- native solutions that may cut costs, while improving the employee morale. Invest- ing in a health and welfare trust, or health spending account, may, be the solution. • Techniques Tables.com www.canadianchiropractor.ca 1-866-618-2253 CANADIAN CHIROPRACTOR | APRIL 2009 • 41
Chiropractic + Naturopathic Doctor April 2009: Page 41
