What are the advantages of the PreTax Health Medical Plan over other Health Spending Accounts?

PreTax Health offers multiple unique benefits for your company:

  1. Complete payment flexibility and control -- prepay or pay-as-you go-- with seamless change as your needs change.
  2. Only with PreTax Health does a company have the ability to choose either Credit Carry Forward, to carry forward unused health care expenses, or Expense Carry Forward (see next FAQ for further information).
  3. Minimize Plan Administrator's Time -- provides a full set of tools to manage and control health spending costs, allows employees to manage their own claim details online, and eliminates the extra admin and time associated with managing 'Black Out Periods' -- there are no more periods where claims need to be held for 3+ months.
  4. Provides the capability to optimize the allocation of health care costs -- the flexibility of easily managing benefit categories by employee type, and the ability to allocate costs by department, division, etc.
  5. 100% Guarantee of compliance on claims adjudication and operating guidelines, as verified by one of the leading International Accounting firms. Few if any providers can make this claim. It is a known fact that many providers who provide 3rd party adjudication services do not properly adjudicate claims based on CRA guidelines, nor strictly adhere to privacy legislation. If this lack of compliance is exposed through CRA audits, a company can end up with a substantial and unexpected tax obligation from Canada Revenue Agency.

PreTax Health also offers multiple unique benefits for employees (including owner-employees and immediate family members):

  1. Eliminate any concerns about being 'out of pocket' on claims. This is accomplished in a couple of ways:
    • by the elimination of claim 'Black Out Periods' where other providers typically hold claims for a few months at period end.
    • by an automated system which facilitates quick submission and payment of claims.
  2. Cost management and control - the employees are given the tools to manage their health care claims directly, according to the budget the company allocated to them. They obtain ongoing status reports of claim progress and an update on dollars and percentage of claims to budget.