Reduce tax burden by enrolling in the BCMA Core-Plus Plan

If you are an incorporated physician and you are not participating in the Core-Plus Plan under the BCMA Health Benefits Trust Fund (HBTF), you could be missing an opportunity to save significant tax dollars. Now is the time for you to take advantage of this option. Our annual Core-Plus Plan open enrollment period runs from 1 September through 31 October 2008.

The Core-Plus Plan provides ex­tended health care and dental plans to help cover costs not paid for by the provincial health insurance plan. Members may enroll themselves (and spouse and children, if applicable) and their full-time employees.

The two components of the plan are combined to suit your health care needs:

Core Plan
Basic, competitively priced extended health and dental benefits covering up to $500 of prescription drugs per in­sured person, basic dental, $1 million of emergency travel and other extended health care expenses (e.g., physiotherapy, psychology treatment, home nursing, medical equipment), through Sun Life Assurance Company of Canada.

Plus Plan
Eligible medical and dental expenses not reimbursed by the Core Plan or covered by provincial health insurance can be paid by your corporation on a “cost-plus” basis. There are no up-front premiums to pay under the Plus Plan; payments are made by your corporation only when an eligible expense is claimed. 

Administration fees for claims processing by the BCMA are 7% of each Plus Plan claim submitted, to a maximum of $250. Since there is no restriction on the number of medical expenses that can be claimed at one time, the most you would pay in administration fees on any claim over $3500 is $250. For tax purposes, the cost of Plus Plan claims together with the administration fee is considered “premium.”

The HBTF satisfies Canada Revenue Agency’s requirements for Private Health Services Plans. Therefore premiums for the Core Plan and Plus Plan are tax deductible to qualified physicians.

Details of the plan and answers to frequently asked questions can be found on the BCMA web site at www.bcma.org under Member Services, Insurance, Health Benefits Trust Fund, Core-Plus Plan. 

To receive your enrollment package or to find out more about the Core-Plus Plan, call 604 638-2865 or 604 638-2818, toll free 800 665-2262, local 2865 or 2818, or e-mail BCMAinsurance@bcma.bc.ca. 

—Sandie Braid, CEBS
BCMA Insurance