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A 'no-fuss' benefits plan for a Toronto-based medical doctor in private practice

Posted Dec 20th, 2016 in Results, Health Care Spending Accounts

The Business:

A medical doctor with a private practice was a sole proprietor and well-known in the Toronto area for her 20 years of experience in Dermatology. Her spouse provided administrative support for the business including handling personal medical expenses. The practice would be incorporating soon for added business and tax advantages.

The Challenge:

The couple needed to be able to focus on providing good patient care, without worrying about distraction and expense from unexpected medical costs.

They needed a solution that would take the least effort and time while keeping expenses to a minimum, so that the practice would receive full value for any money that was spent.

They were also seeking solutions that would be tax-efficient, accommodating their business and personal situation, as well as the couple’s future plan of incorporation.

The Revolution Solution:

Understanding the couple's unique situation, the Collins Barrow team recommended they start with a simple to understand and administer benefits plan that included a Health Care Spending Account (HCSA).

As they were unincorporated at this point, they had certain restrictions on the HCSA limits, but it provided a good starting point to build upon in the future.

This customized benefits plan was designed in such a way that unused funds in the HCSA would be fully refunded at the end of the year.

This 'no claims made, no fees paid' approach reduced the couple’s financial exposure, gave them a tax-efficient way of handling their medical costs and reduced administrative demands on the spouse.

The Revolution team went a step further and stepped up the HCSA in such a way that whenever the couple decided to incorporate the practice, it would be a breeze for them to upgrade their benefits plan with minimal paperwork.


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