Choosing your flexible benefits

What to think about when choosing dental coverage

  • If your spouse has dental benefits, or your dental-care needs are low, option 1 might be right for you. Any dental expenses may be reimbursed from your Health Care Spending Account (HCSA).
  • Talk to your dentist. A root canal is predictable. If you anticipate the need for major care in the next 12 months, options 2 and 3 provide coverage, but at different reimbursement levels.
  • If you know your kids will need orthodontia, plan ahead. Make sure you’re eligible for option 3 by the time their teeth are ready for braces.

Which medical option is right for you?

  • Think about how you used your medical benefits last year. Consider what your out-of-pocket expenses might be if you were in a different option. More? Maybe you need to increase your coverage. Less? Perhaps a less comprehensive option would be better for you.
  • Have you, or has anyone else in your family, been diagnosed with a chronic illness requiring ongoing medication? If so, make sure you’re thinking about this as you choose your medical option.
  • If your spouse has medical coverage, you may want to consider enrolling on your spouse’s plan. You can choose option 1 which will provide you with flex dollars for your HCSA. Your HCSA will reimburse you for eligible expenses not covered by your spouse’s plan or your provincial plan
  • There are some HP Canada Co. employees with significant medical needs. That’s why we offer a comprehensive choice with option 3. With 90% reimbursement for a broad array of medical expenses, you’ll pay a little each month, but you’ll also have peace of mind knowing that you’re covered.

You can find the right answer when it comes to life insurance

  • Think about what your family would need if you weren’t there to provide for them. It isn’t just living expenses. They could also need daycare, additional training for your spouse and future education expenses, as well as other costs that could be unique to your family.
  • What about other life insurance policies that you might hold privately, or through your church, an alumni association or a professional association?
  • Do you have any coverage through your spouse’s employer’s plan?
  • Do your children have coverage through their schools?
  • If you are single with no dependents, you may not need much life insurance; however, you may want to ensure that any debts you have are covered.

Remember that accidental death and dismemberment (AD&D) coverage is different from life insurance

  • Consider if AD&D coverage might be right for you. An accident that results in a permanent disability can require home renovations to accommodate your disability. You may also need training or special equipment.
  • While AD&D coverage provides a benefit only if your loss is the result of an accident, it is a low-cost way to provide additional life insurance coverage - but it doesn't replace it.
  • You may want to consider coverage for your child too as a catastrophic injury that results in a disability could mean a lifetime of related expenses.

Much depends on what’s happening in your life

I just started working and my only big responsibility is my student loan. I’m focused on it, because the sooner I get it out of the way, the sooner I can get on with my life.

The good news is that I’m healthy. I run every day and play volleyball year-round. When it comes to benefits, I don’t need a lot, but I do need some – physio and my allergy medication are the first things that come to mind. I’m choosing option 2 for medical. Because I don’t need much more than checkups, I’m choosing dental option 1. I’ve done the math, and it makes more sense for me to just pay out of my Health Care Spending Account.

I like that HP Canada Co. provides me with enough flex dollars to pay for life insurance equal to my annual pay. If anything happened to me, I wouldn’t want my parents to have to pay off my student loan. With life insurance, I’m protected.

These options work great for me right now, and, if I experience a life event, I know I can adjust my options within 31 days.

We just bought a fixer-upper and it needs a lot of work. With all of my time devoted to renovations, I don’t think much about my benefits – I guess that’s a good thing.

My partner works for one of the banks and has a benefits plan that’s comparable to ours, which is great. I’ve chosen option 1 for medical and dental coverage. With me on his medical and dental plan, we’ve got plenty of flex dollars to pay for any outstanding expenses. With so much money going into the renovation right now, I’m happy knowing that our medical and dental costs are pretty much covered. Every penny counts, right?

Since buying this new house, I’ve also increased my life insurance instead of mortgage insurance. The rates are better and the payroll deductions make it easy.

Do I look tired? That’s probably because I am. With three kids under five, we feel like we’re running all the time.

When the twins came, it didn’t make sense for my wife to go back to work. The daycare costs would have erased any paycheque she’d have brought home. We may not have a lot of money, but our lives are rich. And we make sure that our money is well spent. That’s true when it comes to our benefits, too. I’ve chosen medical option 3, which is the most comprehensive option; after the twins were born prematurely, we wanted to be sure we were covered. You can budget for monthly payroll deductions, but you can’t for unexpected medical expenses. With option 3, we don’t have to worry. Of course, with the twins just getting their first teeth, they’re not on the dental plan yet – probably not for a year or so.

Three years ago, my husband was diagnosed with rheumatoid arthritis. That was a shocker. Was I ever glad to have the HP Canada Co. Flexible Benefits Program, and the freedom to move from option 2 to option 3 during the annual enrolment following his diagnosis. The cost of his medication is expensive, but, by taking it, he's back at work – that’s great for his physical and mental health. Our dental needs, thankfully, are a little more modest, so we’ve chosen option 2 as we’re at the age when people tend to need major dental services, like crowns.

While we’ve chosen the most comprehensive option for our medical coverage, we’ve actually reduced our life insurance coverage. With the kids now raising their own families, the house paid off and no big expenses, we don’t need as much anymore. We can add those payroll deductions to our retirement savings, and having the Spousal RRSP makes things so much easier.