myTooq.com partners with Brock Health Administration LtdPosted: November 23, 2010
I’m happy to announce that we have partnered with Brock Health Administration Ltd in Calgary to provide enrolment into a Private Health Services Plan for Canadian small businesses. The results of out partnership involves benefits for the clients of both companies and we’ve made enrolment very easy.
How it began
Note: When I say employee, it is for ease of explanation. It also refers to the business owner that participates in the program as both business owner and employee.
I had read about PHSPs on a small business forum as an ideal way for sole proprietors, partnerships and corporations in Canada to manage coverage for the principals and employees of the company. Essentially, instead of paying premiums for insurance that covered persons may not use, the business owner can set limit caps and offer the coverage as part of the employee compensation package. Employees can now expense all of their medical, dental, prescription, eyeglass, massage, chiropractic and numerous other medical expenses (including taxes), and receive 100% reimbursement that is not considered a taxable benefit. The employee can also expense their premiums for insurance coverage like Blue Cross. The employer pays the total reimbursable amount plus five percent and receives a tax receipt for the full amount, creating a legitimate expense for the business. Coverage is expanded automatically to all relative by blood, marriage or adoption that live in the same household.
As someone who has often been covered but rarely used my coverage, the idea of the PHSP as a business owner made far more sense than paying premiums every month for coverage that employees (or myself) may not use.
I decided to call Brock Health and see if they would offer a reduced rate to the Canadian businesses that use myTooq.com. I talked with Keith Peden, the Marketing Manager for Brock Health on the phone for about thirty minutes. We received the discounted enrolment within the first few minutes, but continued to chat for quite a while about small business, benefits of a PHSP, and our invoicing service. As it so happens, I was going to be passing through Calgary the following week (for a tenth anniversary mountain getaway with my wife) and we agreed to meet for lunch.
Keith and I discussed how we would structure the discount and quickly found our way into talking about to increase enrolment of Canadian companies into PHSPs. I found the biggest problem was likely that most people have never heard of them. As it turns out, most of the big insurance companies have these programs, but don’t advertise them very heavily. Apparently, paying for what people use is not nearly as lucrative as having people pay you for things they don’t use.
Another issue was that enrolment into Brock’s PHSP required the printing and filling of a paper form that was then mailed or faxed to their office for enrolment. I suggested that if the enrolment could be handled online, there might be a better intake rate. And so it began.
I don’t want to give any confidential information about Brock’s business away, but we discussed their entire business process (in a separate trip to Calgary) and offered some solutions that can be followed up on as the business grows. We did agree however to build the online enrolment form and handle payment of the enrolment fees. As of Monday morning, brockhealth.ca offers a means of online enrolment into a PHSP.
For Brock clients, or potential clients rather, the enrolment can be done within a few minutes and secure payment for the enrolment fees can be made via credit card. This allows the program to start much faster and waiting for Canada Post, especially if somewhere down east.
For myTooq.com users, there will be an update fairly soon that will allow you to enroll in a Brock Health Administration PHSP at a highly reduced rate. It is the lowest cost PHSP in Canada, with no annual fees, no setup fees, no maintenance fees, and only a five percent premium on actual out of employee pocket expenses. After the enrolment fee, if your employees never spend a cent, you’ll never pay anything to stay enrolled. Brock will keep an account active for up to seven years with no activity.
Reduced pricing for the enrolment will be announced on the site when we are ready to go, likely in just a few weeks.
If you own a Canadian business, I highly recommend reading more about PHSPs at brockhealth.ca. There’s a lot of savings to be had for your small business, while increasing the value of your compensation package for employees. And of course, if you’d like to enroll: http://brockhealth.ca/enroll.html