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Do you know about flexsave ?

Do you know about

FlexSave™ is a Private Health Services Plan (PHSP) that helps incorporated business owners and self-employed individuals with employees pay the health and dental expenses of themselves and their employees in a tax-effective and cost-efficient manner.

FlexSave™ works very differently than traditional group or individual health and dental insurance programs in that there are no ongoing premium payments required following a one time set-up fee of $250.

An employer enters into a contract with HUB Financial Inc. to provide for the reimbursement of employees’ health and dental benefits. The employer agrees to provide funding for these expense amounts plus the applicable fees and taxes up to a limit the company sets in advance. The total amount paid by the employer may be 100% tax-deductible to the business and the employees may receive a tax free benefit.

Every tax situation is unique and can be quite complex. Clients should always seek independent tax advice before putting a FlexSave™ plan in place or deducting expenses related to FlexSave™.

There are many reasons why a business owner may consider a flexible benefit solution like FlexSave. Whether you already have an existing benefit plan and are looking for additional flexibility, cost savings or have not yet put a plan in place…Flexsave may be just the health and dental solution you are looking for.

If you operate a business, are self employed or an independent contractor with arms-length employees (not related to the owner) you may be eligible. The business must be your main source of revenue and an individual is not able to create a company for the sole purpose of a PHSP. There are no minimum or maximum size requirements

Efficient health and dental claims reimbursement for employees and employers

  • Simple implementation
  • Flexible plan options
  • Easy online plan management

Efficient health and dental claims reimbursement for employees and employers

  • An employee incurs an eligible medical or dental expense and pays the practitioner (pharmacy, dentist etc.) directly.
  • The employee then completes the online claim submission on the FlexSave online account, attaches a copy of the receipt and electronically submits the claim to HUB Financial.
  • HUB will verify if funds are available for reimbursement under the Employer account. If funds are not available, HUB will send the employer a communication that an amount is required to settle the claim.
  • Upon receipt and verification of an eligible claim and funding, HUB Financial will reimburse the employee directly.
  • The company receives a statement for all the paid claims, including all administration fees and applicable taxes, for income tax deduction purposes.

Flexible Plan Design

  • FlexSave design is simple, yet flexible.
  • You decide your plan year, the maximum benefit for each employee and what to do with unused benefits
  • Additional options include taxable wellness benefits and emergency medical reimbursement both in provide and while travelling.

Funding Your Account

  • You may choose one of the following structures at setup of a new FlexSave™ Account and are able to change it at any time.
    • Regular monthly deposit
    • ad hoc deposits or
    • pay as you go funding
  • Where employees are enrolled on a plan we recommend pre-funding your account as that will ensure that claims are reimbursed in a timely fashion.


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