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| Accumulation Account means a separate account set up for your small business by Bene-D-Duct to keep track of the funds available for reimbursement cheques for your Eligible Employees under your own Self-Directed Benefit PlanTM. All of your Contributions are credited to the Accumulation Account, and all Reimbursement Cheques, Administration Fees, and Applicable Taxes are deducted from the Accumulation Account. | |||||||||
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| Administration Fees means the fees charged by Bene-D-Duct for the initial and ongoing maintenance of your own Self-Directed Benefit PlanTM. Click on Administration Fees to see a chart of current fees. | |||||||||
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| Bene-D-Duct is the operating trade name of Direct Dimensions Actuarial Services Inc . Its product/service is the Self-Directed Benefit PlanTM that is described in this web site. | |||||||||
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| Benefit Plan Text
is the document that is formally adopted by your business and describes all the terms and conditions of your
Private Health Services Plan.
Two key elements contained in the
Benefit Plan Text
are: 1) what specific benefits are covered and to what extent, and 2) which employees are covered. | |||||||||
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| Contribution means the payments made by your business to Bene-D-Duct to fund your own Self-Directed Benefit PlanTM. Depending upon the context Contribution may sometimes mean the total amount of payment remitted to Bene-D-Duct or may sometimes mean the total amount remitted less any sales tax payable. | |||||||||
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| Cost-Plus means a type of Private Health Services Plan defined in the Income Tax Act whereby the Contributions payable are equal to the "Cost" of Reimbursement Cheques issued "Plus" any Administration Fees charged by the plan administrator. | |||||||||
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| Eligible Benefit (sometimes just Benefit) means those medical or dental expenses that are treated as a medical expense under the Income Tax Act and that are selected by you to be eligible for reimbursement under your own Self-Directed Benefit PlanTM. You may also select to have your Plan reimburse the the entire expense or only a specified percentage of the total expense and/or be subject to an annual deductible and/or annual maximum. | |||||||||
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| Eligible Employees means all or a class of all your employees that work for your business or related businesses to whom your own Self-Directed Benefit PlanTM will apply. In the case of a proprietorship it may also include the proprietor. It is up to you to determine or select the precise class of employees to be eligible. Please click on Employee Considerations for greater details. | |||||||||
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| Eligible Family Member means the spouse or a financially dependent child of an Eligible Employee, as well as the Eligible Employee. | |||||||||
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| Overdrawn Notice is a notice sent to you whenever there are insufficient funds in your Accumulation Account to pay for any amounts to be withdrawn (e.g. reimbursement cheques). | |||||||||
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| PHSP Administration Agreement is the agreement between your business and Bene-D-Duct , outlining the duties and responsibilities of both parties and the fees charged by Bene-D-Duct. | |||||||||
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| PHSP is a short version or acronym of the term Private Health Services Plan (see below). | |||||||||
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| Private Health Services Plan is the term defined in the Income Tax Act for a medical and dental benefit plan. | |||||||||
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| Reimbursement (sometimes Reimbursement Cheque) means the cheque issued by Bene-D-Duct payable to one of your Eligible Employees to reimburse the cost of an Eligible Benefit incurred by an Eligible Family Member. | |||||||||
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| Self Directed Benefit Plan is the name of the product and/or service that Bene-D-Duct provides to your business so that your own Cost-Plus Private Health Plan can be established and maintained. | |||||||||
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Site developed by Susan Chen Associates | |||||||||
