Olympia Benefits Plan ONE is designed for individuals who own a corporation with no arm's length employees. This includes Professional Corporations, Medical Corporations, and family businesses.
Let's use an example of a $3,000 health and dental expense.
Olympia Health & Dental Plan One Chart
Step 1 — Pay for the health and dental expense personally. This payment is made from a personal account. Let's say with your personal credit card. ($3,000) Then complete a claim form.
Step 2 — The Corporation sends Olympia the claim form and funding plus the 10% administration fee. This payment is from a Corporate account. Let's say an online deposit from your business bank account to Olympia. ($3,300)
Step 3 — Olympia reimburses you personally for your original personal expense. Let's say through direct deposit to your personal bank account. ($3,000) The $3,000 reimbursement is tax free. The $3,300 payment from your corporation is deductible.