added flexibility with health care spending accounts
- Choice on every level
- For the plan sponsor, when setting up the plan – you decide how much to spend
- For the employees, when submitting claims – they decide where to spend their benefit dollars
- Eligible expenses according to Income Tax Act guidelines – very broad definitions – wider range of eligible items than
any conventional benefits plan
- Employees need open and flexible options – Vero enables employees to choose which benefits they require so they are not limited to choices dictated by conventional plans
- Coordination of benefits between spousal plans and the Vero plan – employees can claim items not covered under spousal plans, deductibles, and amounts that exceed other plan maximums
participation guidelines
- Minimum 3 employees and minimum $4,500 in total annual HCSA funding
- Eligible Employees must work a minimum of 24 hours per week
- Waiting period for Full Time Employees is three (3) months unless waived by the Employer upon enrollment. Waiting period does not apply to Eligible Employees currently on payroll as of effective date of benefits plan
- Health Care Spending Account contributions must be fully employer funded in accordance with Revenue Canada guidelines
- Complete applications received at The Benefits Trust on or before the 15th of the month will take effect the first of the following month
policy wording
For further information regarding policy wording please visit our downloads page.
