Employee Benefits & Telehealth Services Coverage
Got Employee Benefits?
Healthcare benefits can be a confusing topic of conversation. Most companies today give their employees the option of coming on to their employee benefits policy. However, this may come at a cost to the employee to share some of the expense to be on the policy and many employees do not understand what’s covered and what’s not in their benefits policy, which then go widely unused.
While employee group benefits are a great tool for employers to have, many companies are also looking to add a corporate health and wellness policy. This wellness policy is usually more customized and works for the benefits of proactive health rather than reactive. Of course, injuries do happen, but employee benefits often won’t help in the employer in reducing absenteeism, sick days, and other physical health issues before they happen. Health and wellness policies will give the employees options of what they would like to partake in or may just become a mandatory add-in for the employee. Some of these options may incur a small extra cost to the employee in order to use a resource in that policy.
Either way, the employee should know if these services are claimable or not and at what rate their return is.
In Canada, the Canadian Revenue Agency as something referred to as the Medical Expense Tax Credit. This tax credit applies to medical expenses that go over and above 3% of your personal income. This credit is one of the most underused tax credit and most people don’t know about it. In the event that you incur a significant injury at work or personal rec time, employee benefits may only give you a portion of what the final costs may be. While $500/year/professional may be a great start, with the rise in extended health costs like physiotherapy and massage therapy, $500 doesn’t go very far.
What happens next? You must dip into your own pocket to pay for the rest.
Take this, for example, your injury total cost is going to be 3 times per week for 16 weeks at the physiotherapy clinic. The average cost of a physiotherapy treatment in Canada is about $85 for a return visit, your initial assessment is around $100, so your total cost of treatment is $4,095. After you use up the $500 of group benefits you’re left with $3,595. Your annual income is $45,000; 3% of that is $1,350. So you take $3,595 minus $1,350 equals $2,245 that you can claim through the Medical Expense Tax Credit. Now, this won’t get you all your money back, but honestly, it’s better than nothing and the best part is yet to come.
Now you’ve committed to getting the physiotherapy treatment, but what about work? You now must take time off. So not only do you have an expense above your group benefit, but you also have to take time off work which costs you your hourly wage! Don’t worry, I have great news for you!
There are many benefits being discovered about telehealth and it’s not just about the cost. Time is a valuable commodity that we can’t get back. With people working longer hours or living in remote places, there’s one thing people still have access to; an internet connection. A laptop or mobile device is all you need to gain access to healthcare.
Curastream provides online consultations with licensed healthcare professionals like physiotherapists that can be your first point of contact to discuss your injury or physical health questions. These practitioners also have access to resources to refer you to in order to get you started on a treatment plan!
Okay, so besides access from pretty much anywhere, what about convenience? Having the ability to book evening and weekend appointments is a feature that will allow you to book when it suits you. My physical locations are only open business hours or located too far to travel after you’ve already put in a long day. Curastream’s professionals have a diverse range of availability to allow you to schedule when it’s convenient for you.
Don’t let the thought of medical expenses get in the way of you taking care of yourself. Remember the Medical Expense Tax Credit is one of the most underused tax credits out there, and it’s there purely to give you a break on those extra medical expenses. Curastream is there for you as a credible, convenient, and easy to use resource.
Book a consultation today and begin your journey to better physical health!
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