myFlex Plan

myFlex is a  plan which allows the employer the ability to determine the maximum amount of money they would like to spend on benefits for their employees, however it allows the employee to decide exactly how they would like to use those funds.  Similar to a Health Spending Account the employer is responsible for funding claim costs, and like all of our products the plan is not pre-funded.  Inside the myFlex plan, the employer allocates the yearly caps; and the employee decides how much they would like to allocated to a Health and Wellness plan, and how much they would like to leave in their Health Spending Account .  This plan allows employers the ability to contain costs without compromising the flexibility employees have on how the benefits will be spent.

What types of benefits can we offer on a myFlex Plan?
The backbone of the plan is comprised of two categories: taxable and non‐taxable. The option to carve
out individual items and categories is what makes this plan unique. The non‐taxable component utilizes the conventional Health Spending Account eligible list provided by the Canada Revenue Agency.  The taxable offering allows the employer to be creative and offer unconventional benefits such as fitness equipment, smoking cessation programs, weight loss programs and even pet care.

This type of program engages the employee and allows them to become part of the benefit process.