At our goal is to offer diverse, leading-edge insurance solutions to our clients. With expertise in Living Benefits, Life and Group Insurance we work with all the major insurance carriers to provide you with the insurance solutions particular to your needs. Our process is called Partners in Practice, Business and Life". We work with you as your partner in helping you secure your financial future, as well as work with your team of advisors such as your accountant, lawyer and investment advisor to provide consistent well-rounded advice.
Our team at are passionate about our work and our community. We make it a priority to be involved in community events as well as volunteer for not for profit and charity organizations. See Our Team page for a listing of our staff and their community involvements.
Buying Disability Insurance While You Are Still Young
You may say to yourself that since you are still young and in good health that purchasing disability and critical illness insurance can wait. Why would I need this coverage now? More >>
Hygienists free to work outside dentist's office
Dental hygienists now have the right to work outside of the traditional dental office without prior consent from a dentist. Amendments to the Dental Hygiene Act, which the Canadian government put into force September 3, 2007, will improve public access to preventive oral care services by allowing dental hygienists the freedom to clean teeth outside the traditional dental office without a procedural "order" from a dentist.
Melanie Doyle, President of the Ontario Dental Hygienists Association (ODHA) says that "Dental hygiene is a mobile profession. With restrictions removed, dental hygienists can take their services where they are needed, subject to regulatory college standards and procedures."
The public will be able to choose their healthcare provider and obtain affordable, professional oral care treatment when and where they need it. Those who will benefit most are low-income families, the uninsured, and those who are physically unable to get to a dental office such as the sick or the homebound, residents in long-term care homes and those living in remote areas.
Critical Illness Insurance -
Tax-Free Money When You Need it Most
Get up to $2 million as a lump sum payment if you are diagnosed with a critical illness such as a heart attack, cancer or stroke just to name a few. You also have the option to purchase a rider that returns all premiums paid if you remain healthy. Book an appointment to talk to us about how this coverage can work for you.
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The following information is provided to assist you in choosing the best option available under the health care and critical illness plan called Ontario Priority Insurance Plan (OPIP), provided through the OMA. Please call/email with any questions or to discuss your personal situation. If you are affiliated with the London hospitals and UWO it is advisable to consider your benefit plan options once the CTA or UWO releases information on the plan.
The Ontario Government has given $25M of funding to the OMA and Sun Life to provide health and critical illness insurance for Ontario physicians who practice a minimum of 15 hours a week. There are 5 options that an eligible doctor can sign up for before April 30, 2008 without evidence of health. The website with more complete information and enrollment forms can be found at www.opip.ca. The options include: - Health Spending Account of $430/year for the physician and family.
- Extended Health Care insurance (EHC) for the physician and family. Benefits include 100% coverage for prescription drugs, medical supplies, paramedical services at $350/year/practitioner/person, prosthetic appliances, orthopedic shoes and supplies, ambulance, hearing aids, out of country and province coverage for 90 days per trip prior to age 70 and 30 days after age 70, and semi private hospital. There is a yearly deductible of $1000 for a single person and $2000 for a family. There is no deductible for out of country coverage.
- Critical Illness insurance of $50K.
- Critical Illness insurance of $50K and a Health Spending Account of $350/year.
- Critical Illness insurance of $50K and Extended Health Care Insurance.
The physician can enroll in one of the above options. The cost is a $50/year administration fee. A taxable benefit equal to the premium paid on behalf of the physician is charged to the doctor or to the professional corporation. The website contains more complete information as well as a listing of the premiums that will be charged as a taxable benefit.
It is recommended that you consider option B or E if you do not have existing EHC in force as these options include this coverage. There is an annual deductible of $1000/single and $2000/family which can be satisfied by setting up a Health Care Spending Account (HCSA). A HCSA is like a bank account in which money is deposited into an account at the beginning of each plan year. Throughout the year the physician can submit receipts for "eligible medical expenses" under the Income Tax Act for reimbursement, up to the yearly plan limit. "Eligible medical expenses" include drugs, medical supplies, dental, vision, teeth whitening, laser vision correction, etc. The benefit of a HCSA is that generally the premium is tax deductible as a business expense and claims against the fund are reimbursed tax free. The physician should first submit eligible EHC expenses to Sun Life (carrier of OPIP). If the deductible has not been satisfied the claim will not be paid. The physician then submits the claim notice from Sun Life to the HCSA for payment. Sun Life will track the amount remaining of the annual deductible based on the unpaid claims and begin to pay eligible claims once it is satisfied. The plan year is Jan 1 to Dec 31. Our office can help you set up a HCSA if you do not already have one. There are a couple of different options to choose from.
If you are already insured under an existing EHC plan you can maintain it without losing the ability to be insured under the EHC plan through OPIP. If you have coverage through another plan or through a spousal plan and subsequently lose this coverage you do not have to submit evidence of health to join the EHC plan through OPIP providing notice is sent to the OMA within the first 90 days after loss of coverage. Physicians with EHC benefits should consider option A or D which includes the Health Spending Account in order to supplement benefits not covered under the existing plan and/or deductibles or coinsurances.
I do recommend that eligible physicians sign up for this plan. It is available with either the EHC coverage (Option E) or the Health Spending Account (Option D). To apply for coverage you must be under the age of 65 at the time of enrollment. The benefit expires at age 70.
If you no longer work 15 hours a week in Ontario and have been continuously insured under OPIP for 12 months you can remain insured under the plan option as long as you pay the required premium. The coverage is portable to other provinces, except Quebec, as long as you were continuously insured for 12 months and are eligible for the provincial health benefits i.e. OHIP or other provincial plan. Therefore, if you become disabled or retire you can continue the benefits. The Critical Illness insurance expires at age 70 but the Health Spending Account and EHC is available for life. Physicians would be well served to consider the 12 month requirement and plan accordingly so that you can take advantage of EHC benefits after retirement or if you are planning to move out of province (except Quebec). One of the benefits of OPIP is the benefits available at retirement.
The above information is not a complete outline of the benefits and individual circumstances dictate the best plan option for each physician. If there is any discrepancy between the information provided here and the actual contract or information that is found on the OPIP website, the contract wording and website information prevails. The tax implications of any option, including the addition of a personal Health Care Spending Account, should be discussed with your accountant.
A Flexible Health and Dental plan for you and your employees? Talk to us about what is available to you.
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