LCC Worker Benefit Plans

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FlexBenefit Choices

The Flex Plan allows for flexibility in levels of coverage in some of the plan components. For more information about the levels of coverage available in the following components please click the appropriate link:

What are Leftover FlexDollars?

If after making your decisions regarding the choices of benefits and levels of coverage you require, you have some leftover FlexDollars, think about where you would like to allot them. You have three options:

Health Spending Account (HSA)
The Health Spending Account is an excellent way to save on taxes and boost your benefits. The plan can be used for expenses related to medical, dental, vision prescription, dependent care, and other qualified expenses (any expenses that you could claim for the medical tax credit on your tax return). An HSA is an account that works similar to a bank account in that you decide how much of your unused or leftover FlexDollars to put in, and then throughout the year, withdrawals are made from your balance to pay for out-of-pocket medical and dental expenses. You will make this allocation during the yearly re-enrolment period, and then use the money to pay for these expenses throughout the following year. The HSA is a tax-effective vehicle, approved by Canada Revenue Agency (CRA), that allows you to use FlexDollars to pay for health and dental expenses that are not covered by your benefit plans, your spouse’s plan, or by provincial health care. However, it is important to note that the funds that you allocate to the HSA in any given year must be used by the end of the following plan year otherwise they will be forfeited.

Defined Contribution (DC) PensionFlex
Allocating your left over FlexDollars to the DC pension plan is not only tax effective but it is a great opportunity to build your pension benefits for when you retire. You decide which funds to invest your money in from the suite of funds available.

Taxable Cash
Extra cash from FlexDollars not spent will be added to your paycheque and taxed accordingly.

Click here to read some common questions you can ask yourself to help you decide your level of coverage.


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