How does FlexSave work?
How does FlexSave work?
Medical Practitioners
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Acupuncturist
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Anesthetist
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Chiropractor
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Dentist
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Dermatologist
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Gynecologist
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Massage Therapist
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Naturopath
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Neurologist
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Nurse
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Obstetrician
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Ophthalmologist
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Optician
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Optometrist
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Orthopedist
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Pediatrician
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Physician
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Physiotherapist
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Psychiatrist
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Psychologist
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Speech Therapist
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Surgeon
Dental Treatments
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Braces
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Bridges
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Crowns
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Dental Cleaning
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Dentures
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Examinations
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Extractions
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Fillings
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Fluoridation
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Gum Treatment
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Oral Surgery
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Root Canal
Medicine and Medical Treatments
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Alcoholism
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Birth Control Pills
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Blood Tests
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Cardiographs
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Contact Lenses
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Contraceptives
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Crutches
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Fertility Drugs
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Guide Dog
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Hearing Aids
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Hydrotherapy
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Insulin Treatment
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Lab Tests
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Laser Eye Surgery
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Metabolism Tests
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Post-natal Care
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Pre-natal Care
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Prescription drugs
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Private hospital room
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Radium Therapy
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Spinal Fluid test
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Splints
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Sterilization
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Vaccines
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Vasectomy
Other Expenditures
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Artificial eye
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Artificial limbs
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Bathroom aids*
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Cat Scan
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Diabetic supplies
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Diagnostic Fees
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Diathermy*
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Eye Glasses
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Hearing impaired equipment
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Heart monitor*
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Kidney machine
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MRI
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Needle & Syringe*
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Oxygen Equipment
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Pacemaker
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Transportation relative to healthcare
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Walking aid
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Wheelchair
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X-rays
*Requires prescription
• Enhance and maintain personal health and wellness
• Pay for expenses not on eligible expense list, or those removed from list by CRA
• Pay for expenses above main plan limits
Wellness Account Categories
Adding a Wellness Plan expands the expense categories in the plan to include things like:
• Health and wellbeing – i.e. naturopath, smoking cessation
• Fitness activities – i.e. gym membership
• Fitness equipment
• Family care/child care
• Professional services i.e. health assessments/health care
Taxation of Wellness Benefits
Wellness reimbursements to an employee are considered a taxable benefit to that employee. As such employers must provide totals on the employee T4.
Wellness Account Reporting
In order to provide employers with the information necessary to report a taxable benefit on their employee T4, HUB Financial will provide an annual report of all Wellness claims paid for employees. This report will be automatically generated at the end of each calendar year.
HST of 13% required on the 10% administration fee
PST of 8% required on claim amount
Premium tax of 2% on claim amount and administration fee
British Columbia
GST of 5% required on the 10% administration fee
Alberta, Manitoba, and Saskatchewan
GST of 5% required on the 10% administration fee
Atlantic provinces
HST of 15% required on 10% administration fee
Pre-funded Account
An employer may choose to deposit a lump sum amount into their HUB FlexSave™ account at the beginning of each year or set up a pre-authorized monthly withdrawal/deposit into the account. Amounts for pre-funding should be based on the predetermined maximum being provided to employees. Pre-funding the FlexSave™ account allows HUB to withdraw funds for each claim submitted plus the 10% administration cost and any applicable taxes.To establish a pre-authorized deposit for payment of claims, the Monthly Trust Deposit Form must be completed. Lump sums may be also deposited by one-time direct bank withdrawal, internet banking, or cheque.
Pay As You Go
With each claim submitted by an employee, HUB will invoice the employer for adequate funds to reimburse the employee and cover our administration fee (10%) plus applicable taxes. Once payment is received from the employer, HUB will reimburse the employee claimed medical expense. You may pay HUB Financial by cheque or internet banking for this option.When Your Account Needs Funding
HUB Financial will inform you when funds are needed to pay a pending claim. You may pay any outstanding claim amount by one-time direct bank withdrawal, internet banking, or cheque.
How to Deposit Funds into a FlexSave™ Account
There are several methods of depositing funds in to the FlexSave™ Account for payment of current or future claims. Claims can be funded by:
1. Regularly scheduled monthly contribution – pre-authorized deposits may be established using the Monthly Trust Deposit Form to automatically deposit funds into the account.
2. Periodic deposit through internet banking – employers have the ability to transfer funds into their FlexSave™ plan when banking online through their financial institution. We are set up with all major Canadian banks and most credit unions. Simply add HUB FINANCIAL Inc. as a payee on your account and deposit directly into your plan when funds are needed.
3. Mail a cheque to HUB Financial:
Attention: FlexSave 3700 Steeles Avenue West, 10th floor Woodbridge, ON L4L 8M9
4. One-time Payment Withdrawal
You are now able to request a one-time withdrawal from your corporate bank account in order to fund claims payments.
Funding Options | Regular Monthly | Internet Banking | Cheque | One-Time Withdrawal |
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Pre-funded Account | x | x | x | x |
Pay As You Go | x | x | x | |
Funds Required for Claim | x | x | x |
See answers to frequently asked questions about FlexSave
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FlexSave Employer Application
Complete one application form (link above) and one set up fee payment form:
Set up Fee Payment - credit card
Set up Fee Payment - Pre-Authorized Debit request -
Employee Enrollment
One enrollment form required for each employee to be enrolled including the business owner.
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Pre-Authorized Debit Agreement – (Optional)
Complete and submit where a regular monthly deposit to the FlexSave account or a one time ad hoc deposit for funding is being requested
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Additional Coverage Payment (Monthly PAD) – (Optional)
To be completed where Stop Loss is being offered and paid for by the business
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Additional Coverage Pre-Authorized Debit Agreement (Monthly PAD)
Complete to change/establish the bank account for Additional Coverage Premium deductions
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Stop Loss Employee Enrollment
To add new Stop Loss/Additional Coverage for an existing employee
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EFT Claim Reimbursement Request
To change the employee bank account where claims payments will be deposited.
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Pre-Authorized Debit Agreement
Complete and submit where a regular monthly deposit to the FlexSave account is to be implemented or to request a one-time ad hoc deposit for funding
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Employee/Company Changes
To make changes to company or employee FlexSave records
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Employee Termination
Complete this form to remove an employee from the FlexSave plan
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Wellness Plan Application
For existing FlexSave clients to add Wellness/LifeStyle (taxable) benefits to their account
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FlexSave Employer Application Complete one application form (link above) and one set up fee payment form:
Set up Fee Payment - credit card
Set up Fee Payment - Pre-Authorized Debit request - Employee Enrollment One enrollment form required for each employee to be enrolled including the business owner.
- Pre-Authorized Debit Agreement – (Optional) Complete and submit where a regular monthly deposit to the FlexSave account or a one time ad hoc deposit for funding is being requested
- Additional Coverage Payment (Monthly PAD) – (Optional) To be completed where Stop Loss is being offered and paid for by the business
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Additional Coverage Pre-Authorized Debit Agreement (Monthly PAD) Complete to change/establish the bank account for Additional Coverage Premium deductions
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Stop Loss Employee Enrollment To add new Stop Loss/Additional Coverage for an existing employee
- EFT Claim Reimbursement Request To change the employee bank account where claims payments will be deposited.
- Pre-Authorized Debit Agreement Complete and submit where a regular monthly deposit to the FlexSave account is to be implemented or to request a one-time ad hoc deposit for funding
- Employee/Company Changes To make changes to company or employee FlexSave records
- Employee Termination Complete this form to remove an employee from the FlexSave plan
- Wellness Plan Application For existing FlexSave clients to add Wellness/LifeStyle (taxable) benefits to their account